- We have a brief PPT linked on our website with a short comparison among the general three types of accounting. Presentation: Church and Christian Ministry Church Financial Management - http://www.ministrycpa.com/?q=alldownloads
- Other possible resources may be explored on the website sponsored by Church Law & Tax Report http://www.churchlawandtax.com/. Try typing in the search window terms such as "accounting" and "bookkeeping."
A church gave a wedding gift of $1000 to a couple who are church members. No goods or services were provided by the couple in exchange for the gift. Is a Form 1099-MISC required?
Answer: In the following answer, we assume that the couple are not employees of the church from whom the gift could not be viewed as compensation for their services. Also, the amount seems to be small enough to avoid any concerns of "private inurement."
Accordingly, no Form 1099-MISC is required. According to the 2017 IRS Instructions for Form 1099-MISC a Form 1099-MISC is only required for payment of goods or services. The requirements are as follows:
"File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year: At least $10 in royalties (see the instructions for box 2) or broker payments in lieu of dividends or tax-exempt interest (see the instructions for box 8); At least $600 in: 1. Rents (box 1); 2. Services performed by someone who is not your …