What’s next for PPP?
When the House convenes next Wednesday, it is expected to vote on the Paycheck Protection Program Flexibility Act, a standalone bill that would, among other things, lengthen the time churches may spend the funds from their PPP loans. The bill would also eliminate the requirement that 75 percent of a loan’s proceeds must be spent on…
Do I have to make estimated tax payments?
The United States has a “pay as you go” tax system. The IRS expects payment of income tax and other taxes throughout the year, rather than receiving a lump sum payment. For most people, this is covered by W-2 withholding, but members of the clergy are exempt from mandatory withholding. You must make estimated payments…
IRS Sending Out New Coronavirus Stimulus Debit Cards
If you are still expecting to receive stimulus payments from the IRS in the form of a paper check, there may be a surprise coming in their mailbox soon. The U.S. Treasury Department has announced that the IRS will begin sending out stimulus payments on prepaid debit cards instead of mailing paper checks. With these…
Now Available – Paycheck Protection Program Loan Forgiveness Application
The Treasury Department has released the Paycheck Protection Program (PPP) Loan Forgiveness Application. Click here
Is It Time for A New Clergy Tax Advisor?
Selecting a tax advisor or accounting firm may seem easy at first. There are two types of professional services within our industry. The first type is called a “Generalist”, which prepares any and all returns for the public at large. They may have a limited number of clergy returns or none at all. They do…
Video – When will in-person worship open – Dr. Michael Osterholm
Dr. Michael Osterholm – Pandemic and reopening in-person worship. This video was presented through the Minneapolis Synod. https://www.facebook.com/mplssynod/videos/619998971928161/
5 Commonly Asked Stimulus Tax Questions
The COVID-19 outbreak has hurt the U.S. economy to a degree beyond what many of us could have imagined. Thankfully, the $2 trillion CARES Act has already been providing relief in the form of $1,200 stimulus payments that started hitting Americans’ bank accounts in April. But there’s still a lot of confusion surrounding those stimulus checks, so…
Direct Deposit Deadline for Stimulus Payments
The IRS announced Friday that time is running out for ministers and other taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment. You must enter your bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus…
How do I qualify for PPP loan forgiveness?
Once you’ve received a PPP loan, you must spend the loan on approved expenses in order for it to be eligible for forgiveness. Luckily, the loans are intended to help with payments many churches are struggling with right now, including: Payroll costs Interest for mortgages Church rent obligations Church utility payments Health care benefits If…
When are my 2019 tax returns due?
With all of the last minute changes and automatic extensions that have happened due to COVID19, you may be wondering when your taxes are actually due. The filing and payment deadline of Federal return has been automatically extended to July 15th, 2020 due to the pandemic. If you cannot file by this date, you can…
