Comments for The Faithful Steward http://thefaithfulsteward.com a blog for executive directors and business administrators of churches and ministries Wed, 18 Apr 2012 16:32:41 +0000 hourly 1 Comment on Church Raffles (or maybe better said as “Raffles Conducted by Churches”) by Priscilla http://thefaithfulsteward.com/church-raffles-raffles-conducted-churches/#comment-914 Priscilla Wed, 18 Apr 2012 16:32:41 +0000 http://thefaithfulsteward.com/?p=113#comment-914 It would be helpful to know more about which is the appropriate IRS form to use for certain dollar threshold. There have been occasions at our church for which the raffle winner was provided a 1099; and later the personal tax advisor for the raffle recipient came back to the church as the W2-G should have been used instead. Any insight you can provide for the value amounts for which form? Many thanks, Bill. It would be helpful to know more about which is the appropriate IRS form to use for certain dollar threshold. There have been occasions at our church for which the raffle winner was provided a 1099; and later the personal tax advisor for the raffle recipient came back to the church as the W2-G should have been used instead. Any insight you can provide for the value amounts for which form? Many thanks, Bill.

]]> Comment on Texas Escheat Law — don’t forget about this one! by Carolyn Riley http://thefaithfulsteward.com/texas-escheat-law-forget/#comment-491 Carolyn Riley Tue, 18 Oct 2011 15:48:45 +0000 http://thefaithfulsteward.com/?p=51#comment-491 I received a letter dated 3/30/2011 stating that on 8/2/2006 a check in the amount of $150.44 was never cashed. I was quoted "in compliance with Texas State Escheat Laws, we are required to send this money to the State if you do not claim it." I responded as instructions stating "please issue a replacement check made payable to me" and have not received my funds nor is it in Texas Unclaimed Property. What is my course of action? I received a letter dated 3/30/2011 stating that on 8/2/2006 a check in the amount of $150.44 was never cashed. I was quoted “in compliance with Texas State Escheat Laws, we are required to send this money to the State if you do not claim it.” I responded as instructions stating “please issue a replacement check made payable to me” and have not received my funds nor is it in Texas Unclaimed Property. What is my course of action?

]]> Comment on ‘In-kind’ donations – part 1 of 2 by Linda Howard http://thefaithfulsteward.com/inkind-donations-part-1-2/#comment-172 Linda Howard Wed, 20 Apr 2011 15:48:04 +0000 http://thefaithfulsteward.com/?p=88#comment-172 Thank you for your question! For 990 purposes, services are backed out of both the revenue and expenses. This is a reconciling item between the 990 and the audit report. For individual purposes, the value of a person’s time or services is not deductible on Form 1040. For business purposes, if the contribution would qualify as an “expenditure for institutional or good will advertising that keeps the taxpayer’s name before the public”, it can be deducted as advertising expense, and there is no 10% limitation. I hope this answers your question. Thank you for your question!

For 990 purposes, services are backed out of both the revenue and expenses. This is a reconciling item between the 990 and the audit report.

For individual purposes, the value of a person’s time or services is not deductible on Form 1040.

For business purposes, if the contribution would qualify as an “expenditure for institutional or good will advertising that keeps the taxpayer’s name before the public”, it can be deducted as advertising expense, and there is no 10% limitation.

I hope this answers your question.

]]> Comment on ‘In-kind’ donations – part 1 of 2 by Linda McKeirnan http://thefaithfulsteward.com/inkind-donations-part-1-2/#comment-153 Linda McKeirnan Sat, 16 Apr 2011 03:27:14 +0000 http://thefaithfulsteward.com/?p=88#comment-153 Linda H. Could you give us source documents to back up your implications that contribution credit may be given for donated services? Linda H.

Could you give us source documents to back up your implications that contribution credit may be given for donated services?

]]>