![]() ![]() ![]() You may need to set up entirely new accounts if you have everything stored under personal accounts.Ģ.Your address and any additional information listed are under your organization’s name and not an individual’s name.Your apps and accounts are connected to the church’s bank account.Your church or ministry is listed as the account holder.Check your payment accounts and apps to ensure your: To make sure everything is in order for your ministry, it’s a good idea to take time to audit your payment accounts. Maybe you’ve been focused on building your church plant or ministry the last few months, and you haven’t switched over your payment accounts from your personal details to your church’s details. Many church planters begin their journey using their personal finances and bank accounts-including payment apps. However, even if you have the three factors mentioned above in place, you need to make sure your payment accounts are in order-or you could have a surprise on your hands at tax season next year. Get Your Ministry’s Finances in Order Today You will simply report the information on Form 990. (To learn more about Form 990s, click here.)Īlthough you may receive Form 1099-K, don’t worry! You should not owe any additional tax on these amounts due to your tax-exempt status. You will use this information when it comes time to file annual Form 990 in May of this year. What should you do next? As a tax-exempt church or ministry, when you receive a 1099-K from one of these third-party companies, you should simply keep a copy of the form for your tax preparation documents. Your organization’s FEIN (Federal Employer Identification Number) ![]()
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