Baptists for Life of Wisconsin:

August 2014 Summit

Presenter: Corey A. Pfaffe, CPA, PhD

Charitable Gifts• Receipting contributions

• Quid Pro Quo

IRS Pub. 1771

Tax-Exempt Organizations

• Form 1023-EZ

• Form 990, 990-EZ, 990-NWhich one? It depends on annual receipts≥ $200,000 “990-EZ land” ≤ $50,000

Regulatory “Hot Button” Issues

• EmployeesDo the following “ring a bell” in your mind?I-9, W-4, 941, W-2, WT-4, WI-BTR, WC• Independent contractors (W-9,

1099)• Benevolence vs.

compensation• “Responsible Party” “Agent”

Recordkeeping and Documentation

• Security• Statute of limitations• Keep permanently:minutes, Tax Determination Letter, CES #, articles of incorporation, EIN application … “Responsible Party”, annual reports, Forms 990

Let’s Talk a Little Bit About …

• #1• Not a substitute for accounting

knowledge and experience …sound familiar? reconciliation, chart of accounts, fund accounting• Budgeting

Affordable Care Act• “Individual Shared

Responsibility Payment”– 2014: greater of 1% of your household

income in excess of “filing threshold” OR $285 (for family of six)

– By 2016: greater of 2.5% of your household income in excess of “filing threshold” OR $695 per person ($4,170 for family of six)

• Health Care Sharing Arrangements

For more information...

IRS Publications1771 – Charitable Contributions1828 – Churches & Religious Org.