{"id":17569,"date":"2023-07-07T00:42:06","date_gmt":"2023-07-06T21:42:06","guid":{"rendered":"https:\/\/starlanguageblog.com\/?p=17569"},"modified":"2023-07-07T00:42:06","modified_gmt":"2023-07-06T21:42:06","slug":"is-ertc-tax-relief-for-churches-possible","status":"publish","type":"post","link":"https:\/\/www.starlanguageblog.com\/is-ertc-tax-relief-for-churches-possible\/","title":{"rendered":"Is ERTC Tax Relief for Churches Possible?"},"content":{"rendered":"
COVID-19 has dealt a huge economic blow to the entire world. Nobody actually saw it coming, and businesses and organizations all over the world have been negatively affected by it. While it was also a huge health problem, and while health is number one on everyone\u2019s list of importance, we can\u2019t deny the fact that organizations now need to deal with the devastating economic aftermaths of the pandemic. Minimizing their troubles doesn\u2019t seem fair.<\/p>\n
The government has, luckily, decided to offer some relief to those organizations and businesses, and one of the things it introduced was the Employment Retention Tax Credit: https:\/\/smartasset.com\/financial-advisor\/employee-retention-tax-credit<\/a><\/p>\n Have you heard of this type of tax relief already? And, have you thought about taking advantage of it? You may have, but one thing could have stopped you from actually taking the final steps towards it. Basically, since you\u2019re not running a business, but a church, you may be confused as to whether places of worship qualify for this type of help.<\/p>\n A great question. And, one that needs to be answered for you rather sooner than later, so that you can understand what your next steps should be. Below you\u2019ll get your answer to that question, as well as to the question of why churches would need this kind of help at all, if you\u2019re on the fence about it and not sure if you should apply if you find that it is possible. But, of course, the first thing to do is help you understand what ERTC actually is.<\/p>\n Created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the ERTC wound up being the biggest stimulus program that the government has released. It gives employers the option of getting a payroll tax credit to alleviate the effects that the pandemic has had on their business. When I say \u201cemployers\u201d, that may even further make your doubt if churches can be a part of the program, and if you click here<\/a>, you\u2019ll get your answer right away.<\/p>\n The ERTC, being a fully refundable credit, has undeniably helped a lot of businesses get back on their feet during and after the pandemic. The fact it is fully refundable means that, if you have any money left over from the credit after your tax liability has been covered, you\u2019ll get that difference as a cash payment. Pretty great, isn\u2019t it?<\/p>\n If you\u2019ve been paying qualified wages to your employees from March to December 2020, you qualify for this opportunity. The amount of credit you\u2019ll be able to get, of course, depends on the wages you\u2019ve been paying. But, while the qualified wages are an eligibility criterion for everyone, you may still be confused as to whether your church can actually qualify for the help.<\/p>\n Let\u2019s get to the main answer here. In short, yes. Churches do qualify for this type of help. To get ERTC, churches and places of worship simply have to file the Form 941 as part of the quarterly payroll tax returns process. So, if you\u2019ve been struggling financially, understanding that your church can qualify for this help can be highly important, as it could offer you the relief you need.<\/p>\nWhat Is ERTC?<\/strong><\/h2>\n
Do Churches Qualify?<\/strong><\/h2>\n
Why Would Churches Need It?<\/strong><\/h2>\n