From the Memo Board: April 2024

Important Dates to Know

April 1 – February Financial Reports will be due for US Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.

April 1 – March Financial Reports will be due for Non-Resident Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.

April 8-12 – Family Fellowship Week at Caraway Conference Center in Sophia, NC.

May 1 – March Financial Reports will be due for US Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.

May 1 – April Financial Reports will be due for Non-Resident Missionaries. This includes FNPO Reports for those with Foreign Non-Profit Organizations.

Tax Filing Information

The deadline this year to file taxes for most taxpayers is Monday, April 15. If you have not yet contacted your tax preparer about filing your taxes, you need to do so as soon as possible. Failure to file on time, even if you are unable to pay on time, can result in additional penalties and interest. Individuals can receive an extension of the filing deadline, but please note that if taxes are owed, interest on those payments will begin as of April 15 even if you are not required to file until later in the year. All missionaries with WWNTBM are responsible for filing their own taxes. If the office can assist in providing paperwork to your preparer on your behalf, please let us know.

Financial Status Report

We will upload a Financial Status Report to your SecureCloud account in the coming days, showing figures for the first quarter of 2024. This is meant to show you the financial details that we have on file, such as your support estimate and the average amount of support you received this past quarter. This is information we provide to pastors who may call about your ministry. We ask that all missionaries update their support estimate once every four years, or as their lives and ministries change. Please review this information and contact us if you have any questions.

New Guidelines on Business Meals

US Missionaries are able to claim the cost of business meals related to ministry on their financial reports. This includes instances such as taking a pastor out to discuss your ministry or counseling with an individual. Please note that the IRS requires you to record the name of the individual(s) and the purpose of the meal in order to establish the ministry purpose of the expense. Please be sure to include this information when completing your Monthly Financial Report.

Meal expenses related to travel may only be listed on the financial reports as a Meal Per-Diem. Missionaries may not claim as an expense the actual cost for meals or snacks purchased when away from home for ministry.

Business meals should not be claimed on the same day that you claim a Meal Per-Diem.

If you have any questions, please contact our office staff.

New Guidelines on Business Gifts

The IRS has updated its guidelines concerning the ability to claim the cost of business gifts. Per the IRS Publication, “You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year.” US Missionaries are able to claim the costs of ministry expenses that are normal and reasonable in the local culture for the establishment of the ministry. However, our CPA has indicated that it is unclear whether the IRS would allow a cultural exception to allow business gift expenses greater than $25 to one individual in the course of the year. As in other cases where there may be individual exceptions to overall guidelines, we would defer questions regarding the deductibility of specific gifts over $25 in value to your personal tax preparer.