Congregational Finance LLC

05/05/2024

Intuit has changed the way they sell their QuickBooks Desktop software. In order to obtain QuickBooks 2024, you must subscribe. If you are currently using QuickBooks 2021 and want to continue using the payroll features, you must subscribe before May 31 in order to upgrade to QuickBooks 2024. Intuit says they will not accept any new subscribers after July 31, 2024. Detailed step-by-step instructions are in three posts on our website: Verifying your Intuit ID, Purchasing a Subscription, and Installing QB Desktop Pro 2024.

How to Install QuickBooks Desktop Pro 2024by Karen McArthurMay 2, 2024May 2, 2024After you have accessed your Intuit account and purchased your subscription, you will be able to download QuickBooks Desktop Pro 2024 and upgrade your QB file. The first very important step is to make a backup of your Q...

04/13/2024

Are you wondering how to fill out IRS Form W-4 if a minister chooses employer withholding? Our Clergy Tax Withholding video series is now available on our site. Check out the preview:

The goal for this presentation is to gain an understanding of how a minister’s Social Security, Medicare, and income taxes are withheld and paid to the IRS.

03/12/2021

Have you reviewed the updates to the Employee Retention credit? Some employers may receive up to $14,000 per employee in 2021, even if they also received a PPP loan.

Employee Retention Credit Updates Posted on March 11, 2021March 11, 2021 by Karen As the COVID-19 pandemic has continued into 2021, the COVID-19 Relief that was signed on December 27, 2020 has changed the Employee Retention Credit, expanding it and making it more available to small employers. The ER...

01/17/2021

The details of the re-opened Paycheck Protection Program have been released, including the possibility of a second loan for those whose gross receipts during at least one quarter of 2020 are 25% less than the comparable quarter in 2019:

Paycheck Protection Program – First and Second Draw Posted on January 16, 2021January 16, 2021 by Karen In late December, Congress passed Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, establishing parameters for expanding the Paycheck Protection Program to reopen it for in...

12/11/2020

Our December newsletter is full of year-end information:

This year, there are many extra tasks and opportunities for financial assistance as we finish a uniquely challenging year. Check out the information on our website, linked below.  DON'T MISS OUT ON THE FEDERAL FINANCIAL ASSISTANCE THAT IS OFFERED TO SMALL EMPLOYERS! Some information below is only ...

10/22/2020

10/10/2020

News from Congregational Finance LLC - October 2020 -

On October 8th, the SBA released Form 3508S, to be used by employers whose PPP loans were $50,000 or less. This form asks for your verification that all of the funds were used for forgivable expenses, but no numbers are required. It is not yet clear whether individual banks will have additional req...

10/09/2020

PPP loan forgiveness is simplified again, for those whose loans are $50,000 or less:

Another PPP Simplification Posted on October 9, 2020October 9, 2020 by Karen On October 8th, the SBA released Form3508S, to be used by employers whose PPP loans were $50,000 or less. This form asks for your verification that all of the funds were used for forgiveable expenses, but no numbers are req...

09/09/2020

News from Congregational Finance LLC - September 2020 -

09/05/2020

Massachusetts employers who continued to pay employees during a time they were not working due to the pandemic may be able to reduce their workers’ compensation costs, but must act before October 17. For more details:

Workers’ Compensation COVID-19 Savings Posted on September 4, 2020September 4, 2020 by Karen If you (as a Massachusetts employer) paid any of your employees or 1099 contractors for time that you were closed due to COVID-19 and they were not performing any work for you, you may be able to reduce yo...

09/02/2020

The payroll tax deferral that President Trump ordered is apparently optional for employers, according to IRS guidance released last week. It would defer the collection of the employee's 6.2% F**A tax until early 2021, when it would be withheld in addition to the usual 6.2% tax. For more details:

September 1 Payroll Tax Deferral Posted on September 2, 2020September 2, 2020 by Karen On August 8th, President Trump declared that he was deferring the collection of the employee portion of F**A, a 6.2% payroll tax that funds retirement and disability payments to American workers. However, this amo...

06/02/2020

News from Congregational Finance LLC - PPP Loan Forgiveness - https://mailchi.mp/a6ef4aa8511f/news-from-congregational-finance-llc-ppp-loan-forgiveness
Our COVID19 Spreadsheet has been updated to include information for the SBA Loan Forgiveness application and Employee Retention Credit. Don't miss these opportunities for direct small employer funding.