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. You can submit your questions to us by email here: SUBMIT A QUESTION We’ve sent out the Zoom meeting link to our mailing list. If you’d[…]
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[…]
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[…]
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[…]