Speaking of church budgets, etc.

[Eddie]

Maybe this fits with the old thread, but I didn't want it to get lost there...

Someone was telling me that with changes in IRS regulations, the church is now required to report to the IRS when members are reimbursed above a certain amount - they were speculating that it was $600.

Anyone know anything about this?

Do I need to start keeping receipts of all of the things I turn in to the church for my own taxes? I must admit I know very little about taxes and I'm not sure how all of this fits, but I'll be surprised if I don't spend at least $600 out of pocket before the end of the summer.

[Indy Coug]

Maybe this fits with the old thread, but I didn't want it to get lost there...

Someone was telling me that with changes in IRS regulations, the church is now required to report to the IRS when members are reimbursed above a certain amount - they were speculating that it was $600.

Anyone know anything about this?

Do I need to start keeping receipts of all of the things I turn in to the church for my own taxes? I must admit I know very little about taxes and I'm not sure how all of this fits, but I'll be surprised if I don't spend at least $600 out of pocket before the end of the summer.

That would be news to me, but the lines of communication around these here parts ain't too good.

[Uncle Ted]

Maybe this fits with the old thread, but I didn't want it to get lost there...

Someone was telling me that with changes in IRS regulations, the church is now required to report to the IRS when members are reimbursed above a certain amount - they were speculating that it was $600.

Anyone know anything about this?

Do I need to start keeping receipts of all of the things I turn in to the church for my own taxes? I must admit I know very little about taxes and I'm not sure how all of this fits, but I'll be surprised if I don't spend at least $600 out of pocket before the end of the summer.

That part of Obamacare (the 1099 reporting thing) doesn't go into effect until 2012. Also, I am not sure a member would be considered a vendor but the member may be required to get the W-9 info from the vendor so the church could issue a 1099 for transactions that add up to over $600 over the year.

For more information read the following...

http://www.hg.org/article.asp?id=19344

[Moliere]

Maybe this fits with the old thread, but I didn't want it to get lost there...

Someone was telling me that with changes in IRS regulations, the church is now required to report to the IRS when members are reimbursed above a certain amount - they were speculating that it was $600.

Anyone know anything about this?

Do I need to start keeping receipts of all of the things I turn in to the church for my own taxes? I must admit I know very little about taxes and I'm not sure how all of this fits, but I'll be surprised if I don't spend at least $600 out of pocket before the end of the summer.

The church is currently required to report payment for services in excess of $600 a year. I would imagine the new guidelines would require the church to file 1099s for payment for goods just like every other business or entity will be required to do.

This shouldn't have any impact on you, unless you are a business that is selling something to the church, and thus your sale is income. If you are simply buying supplies and getting reimbursed you have nothing to worry about because that is not considered income.

This does make me wonder if the church will have to report 1099s for members taht are reimbursed over $600 or 1099s for the stores for which they are reimbursed. Meaning, if I spend $600 at Walmart and get reimbursed, will they file a 1099 for Eddie Jones or for Walmart? I would guess Walmart but I am not sure which, however if it is Walmart the church is going to have to change it's financial system to capture that data.