We’ve started a new opportunity for treasurers, administrators, or clergy to meet to share questions or ideas on financial topics of interest. The next gathering is Thursday, January 21st at 11am Eastern time: Third Thursdays. You can submit your questions to us by email here: SUBMIT A QUESTION We’ve sent out the Zoom meeting link[…]
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 2020, since the CARES Act temporarily allows those who do not itemize their deductions to reduce their taxable income by up to $300.[…]
We have just received information on the process for a church or religious organization to opt in to the program, as posted on the PFML website: If you are an employer whose workforce is excluded in whole or in part under the unemployment insurance statute, M.G.L. c. 151A, you as an employer may opt-in to[…]
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[…]
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[…]
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[…]
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,[…]