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[…]
We host a monthly opportunity for treasurers, administrators, or clergy to meet to share questions or ideas on financial topics of interest. Usually third Thursdays, at 11am Eastern time. The next Open Zoom is Thursday, April 20, 2023 at 11am EDT. You can submit your questions to us by email here: SUBMIT A QUESTION We’ve[…]
If you (as a Massachusetts employer) paid any of your employees or 1099 contractors for time that you were closed due to COVID-19 and they were not performing any work for you, you may be able to reduce your workers’ compensation insurance costs during 2020. First, since WC rates are a small percentage of wages,[…]
On August 8th, President Trump declared that he was deferring the collection of the employee portion of FICA, a 6.2% payroll tax that funds retirement and disability payments to American workers. However, this amount would have to be repaid by workers in early 2021. Furthermore, if an employee leaves, the employer would be required to[…]
Every employer must comply with the Families First Coronavirus Response Act, which gives two weeks of paid leave for COVID-related absences that occur between April 1 and December 31, 2020. The leave is funded by the federal government. The paid leave is reported on the employer’s quarterly Form 941 — so if you use an[…]
On June 5, the Paycheck Protection Program Flexibility Act was signed into law, extending the time period during which employers have to use the funds and have their loan forgiven. When the PPP was originally designed in March, the expectation was that businesses and organizations would be back to full operation by the end of[…]
The SBA has released their PPP Loan Forgiveness Calculation Form, PPP Schedule A, and PPP Schedule A worksheet. Your bank may have their own loan forgiveness application, but it will likely be similar to the SBA forms. Our newly updated (v5) spreadsheet will assist you with the preparation of your payroll and expense information. The[…]
If you did not receive a Paycheck Protection Program loan, you may be eligible for an Employee Retention Credit of up to $5,000 per employee. This credit is calculated based on employee wages paid, and then claimed when filing the quarterly IRS Form 941. Don’t neglect this funding! Eligible employers are those whose business has[…]