You have probably heard about the COVID relief funding that was available in 2020 and then extended into 2021... but did you know it was still available?

 

There is a lot of "miscommunication" about the tax credit, so I contacted one of my CPA partners for clarification.

 

Wisdom Over Wealth has helped churches claim over 4 million in ERTC relief, so I knew that they could help clear up some of the confusion that I had about this credit =)

 

I found out that unlike PPP, a church could possibly qualify for this "employee tax credit" if they faced some government mandate shutdowns (complete or even partial) in 2020 and 2021... even if they did not see substantial decreases in 20 and 21 compared to 2019. See this blog post: New COVID Financial Relief Available for Churches (3rd post down)

 

NOTE: clergy wages are exempt from the ERTC calculations, so if you paid only your Pastor in those qualifying years, your church will NOT qualify for the ERTC. The credit is figured on non-minister employees.

 

If you think you may qualify, you can learn more or get your elevation started by emailing Kaitlin Dewitt at [email protected] with the subject line “ERTC Program” and let them know that I sent you! 

 

Or contact me by clicking the link below and completing the short contact form on the bottom and I will get you in touch with them =)

 

Time to start wrapping up the year end! It has been a quite a year for churches and there are several things you may need to address to ensure your transition to the new year is a smooth one.

 

Let me add a quick note here: some churches and nonprofits sadly had to close their doors this year. PLEASE be aware that you cannot just close the doors and unlawfully "split" the profits or give them all to the founding minister. Hire a knowledgeable attorney to assist in the closing to ensure all is done legally and correctly.

 

For those of you continuing on... please take a moment to make sure everything is ready for the new year ... such as designating the housing allowance for your minister for the upcoming year, reviewing employee W-4s, and making sure that all revenue and expenses are accounted for prior to closing the books.

 

Click "read more" below for more year end tips ...