You are eligible for loan forgiveness for the amounts you spend over the next eight weeks after receiving the loan on certain qualifying expenses. The qualifying expenses of the church over the eight-week period include payroll costs, rent, interest on mortgage debt and utilities. If the number of full-time employees is reduced over this time…
Economic impact payments have started to be issued this week. Here are some basic facts about the payments: Who is eligible? US citizens or residents aliens who have a valid SSN, could not be claimed as a dependent, and have adjusted gross income under limits. How much is the payment? $1,200 for individual earning less…
As the global pandemic continues, IRS has scaled back or shut down parts of their organization. As of now, the IRS is no longer processing paper returns. If you mailed a paper return to the IRS, it will be processed when they reopen, but it is unclear when that will be. If you need to…
Clergy Financial Resources has received permission and partner with Elliott Pollack to provide an analysis of economic data. When you take a long view of what’s been done to help the economy over the past few weeks, in total it’s been quite favorable. The CARES Act is a $2.3 trillion disaster relief act that, if…
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to churches and small businesses to pay their employees during the COVID-19 crisis. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8…
Even though economic impact payments are brand new in 2020, scammers are already using the new terminology to trick people into giving up their money or their financial information. Here are some tips from IRS on avoiding these schemes: IRS will not call you to verify payment information for the economic impact payment. Retirees do…
By now you probably know that the 1040 filing and payment deadlines have been delayed to July 15th, but what about your state return? According to information compiled by the American Institute of Certified Public Accountants, as of 4/7/2020 all states with a personal income tax have extended their 4/15 deadline. The majority of states…
The COVID Phase III Stimulus Package provides specific provisions that will allow pastors or ministry staff who have lost their jobs to apply for unemployment benefits. The law creates a temporary program through December 31, 2020, to provide payment to those not traditionally eligible for unemployment benefits (self-employed, independent contractors, those with limited work history…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help churches and small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during…
In addition to changing the filing and payment deadlines for your 1040, the new extensions also impact IRA contributions and estimated payments. Normally for IRA contributions, you can claim credit for contributions made before the April 15th filing due date. For example, if you paid $500 into an IRA on March 21st of 2020, you…
