Year-end Contributions 2021

As the end of the year approaches, it is important to document contributions properly, so that donors may deduct the charitable contribution on their income tax return.  This is especially important for 2021, since the CARES Act temporarily allows those who do not itemize their deductions to reduce their taxable income by up to $300[…]

Employee Retention Credit Updates

As the COVID-19 pandemic has continued into 2021, the COVID-19 Relief that was signed on December 27, 2020 has changed the Employee Retention Credit, expanding it and making it more available to small employers. The ERC is available if an employer has either: 1) a full or partial suspension of their operations because of governmental[…]

Annual Massachusetts Health Insurance Reporting Requirement — due by December 15

Health Insurance reform has changed from year to year, at both the federal and state levels.  Effective November 2018, any Massachusetts employer with six or more employees is required to complete a new Health Insurance Responsibility Disclosure (HIRD) form to determine eligibility for premium assistance for employees who receive group insurance.  The form is filed[…]

Another PPP Simplification

On October 8th, the SBA released Form3508S, to be used by employers whose PPP loans were $50,000 or less. This form asks for your verification that all of the funds were used for forgiveable expenses, but no numbers are required. It is not yet clear whether individual banks will have additional requirements for documentation. If[…]

Clergy Withholding and the new W-4

According to IRS rules, income tax withholding for ministers is voluntary.  If you do not complete a W-4 form, or if you indicate “exempt”, no federal tax will be withheld, and you should make quarterly estimated tax payments.  Alternatively, you can complete Form W-4 so that your employer withholds a sufficient amount to cover both[…]