All States Extend Filing and Paying Deadline
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…
Sick Leave & Child Care Leave Credit – COVID-19
Churches can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing COVID-19-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (FFRCA). The act gives businesses(including churches) with…
Unemployment insurance for churches due to COVID-19
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…
Financial Relief for Churches – COVID-19
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…
