New PPP Forgiveness Rules
Extend the “covered period” under which small businesses can spend the loan proceeds from eight weeks to 24 weeks, or until Dec. 31. Remove the limits on loan forgiveness for small businesses that were unable to rehire employees, hire new employees or return to the same level of business activity as before the virus. Expand…
Senate approves House-passed Paycheck Protection Program reform bill
The Senate on Wednesday evening passed by voice vote a House-passed Paycheck Protection Program reform bill, clearing it for President Donald Trump’s signature. Earlier in the afternoon, GOP Sen. Ron Johnson of Wisconsin objected to a prior effort to pass the bill via unanimous consent, blocking approval. But Johnson agreed to let the bill pass…
Are gifts for performing baptisms, weddings or funerals taxable?
Though they may be called “gifts” or “tokens of appreciation”, any money or gifts you receive for performing services like baptisms, weddings or funerals are actually considered taxable income in the eyes of the IRS and should be reported on your tax return. If you don’t want the additional income or tax that results from…
Can my severance pay be designated as housing?
Whether it is through resignation or retirement, a Church may agree to pay severance pay when a Minister leaves a position. In almost all cases, this severance pay is considered taxable income to the pastor or minister. The question then arises- could you designate this severance pay as housing? This is actually a question of…
