New Round of PPP Loans
Back in December, Congress passed and the President signed into law the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act),” which provides additional relief measures, funding, and changes to the SBA Paycheck Protection Program (PPP). Here is information provided by Brown Edwards CPAs that details who can apply, application process, and terms. Also, information is available on the Church Law and Tax website, and the Small Business Administration (SBA) website has detailed information, forms, and FAQs available.
Additionally, I have been emailing church treasurers with PPP Loan news/updates that happen between the publishing of the PWV newsletter. If you would like to be added to this mailing list, please email me at treasurer@wvpresbytery.org.
2021 IRS Standard Mileage
On Dec. 22, the IRS announced the following changes to the standard mileage rates. As of Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) is:
- 56 cents per mile for business miles driven, down from 57.5 cents for 2020
- 16 cents per mile driven for medical or moving purposes, down from 1 cent for 2020
- 14 cents per mile driven in service of charitable organizations
2021 Minister Housing Allowance
Now is the time to think about housing and manse allowances for ministers. This allowance is the most valuable tax benefit a minister receives, so making sure everything is in order before the start of a new year is worthwhile.
Ministers must designate a portion of their compensation as housing allowance before the first paycheck is issued in 2021 in order for ministers who own or rent their homes to receive the housing allowance exclusion for calendar year 2021. The designation must be requested by the minister in writing and should be adopted during a regular or special meeting of the Session, AND should be recorded in the minutes of the meeting.
While there is no limit, either in dollar amount or percentage, on the portion of their compensation that a minister can designate as housing allowance, the amount designated must be based on actual expenses. I have more detailed information on the items that can/should be included in the housing allowance calculations and the housing allowance designation process. If you have any questions about minsters’ housing allowance, please let me know (304-744-7634, treasurer@wvpresbytery.org).
2020 Tax and Withholding Reporting
The Social Security Administration (SSA) strongly suggests employers report Form W-3 and Forms W-2 Copy A electronically instead of on paper. The SSA provides two free e-filing options on its Business Services Online (BSO) website:
- W-2 Online: Use fill-in forms to create, save, print, and submit up to 50 Forms W-2 at a time to the SSA.
- File Upload: Upload wage files to the SSA you have created using payroll or tax software that formats the files according to the SSA’s specifications.
W-3 and W-2 paper forms, online fill-in forms, or file uploads will be on time if submitted by Feb. 1. Generally, employers must furnish Copies B, C, and 2 of Form W-2 to employees by Feb. 1. Employers will meet the furnish requirement if the form is properly addressed and mailed on or before the due date (2/1/21). For more information, go to www.SSA.gov/bso.
2021 Per Capita
The 2021 Per Capita is $30.05 per member. Approved at the August 2020 Presbytery Meeting, it is a five cent increase from the 2020 rate. The increase was in response to a three cent increase in the General Assembly rate for 2021 to $8.98 and to provide a little relief to the Presbytery of past increases at the other levels that we have absorbed. Therefore, with the total rate at $30.05 per member, the Presbytery of West Virginia will keep $18.67, sending $8.98 and $2.40 to the General Assembly and Synod of the Trinity, respectively.
2021 Shared Mission Pledge Request
Hopefully, all of our churches have received a 2021 Shared Mission pledge request and Per Capita notice letter. These were mailed in November to the treasurer, Clerk of Session, and pastoral leader of each church. Please return the pledge card to the Presbytery office your earliest convenience.
We encourage each Session to thoughtfully consider our request. The information provided when a church returns their pledge card, no matter the response, is essential to our effective management of the Presbytery’s financial resources, so we urge treasurers, Clerks of Session, and pastoral leaders to make sure their church has returned its pledge card to this office by Jan. 31.
If you have any questions about mission pledge, Per Capita, or other benevolences, please contact me (304-744-7634, treasurer@wvpresbytery.org).
Year-end Tasks
Even though we are now in the new year, many of us are still working on closing the books, financial and otherwise, on 2020 and starting on 2021. Our friends at Church Tax & Law have prepared a handy checklist.
Presbyterian Foundation Day of Learning on stewardship
On March 2, the Presbyterian Foundation will offer a free Day of Learning that will include three workshops with stewardship and church leaders in a casual, virtual setting. There will be time for questions and answers. Register here. If you have questions, email serving@presbyterianfoundation.org. The workshops are:
- 11:30 AM: Church Mission and Sustainability With Stephen Keizer and Rev. Gail Monsma, which will provide ideas for creating a culture of generosity through a comprehensive stewardship program
- 2 PM: Virtual Campaigns and Online Giving with Rev. Ellie Johns-Kelley and Karl Mattison, which will share the top 5 features that we can leverage from a virtual stewardship campaign and how we can effectively use these tools going forward
- 5:30 PM: Practical Tips for Church Budgeting with Olanda Carr and Rev. Dr. Jonah So, which will cover the basic items to consider when creating a church budget and provide an overview of the various types of church budgets.
2021 Special Offerings Calendar
Here is the calendar for the four churchwide Special Offerings of the Presbyterian Church (U.S.A.):
ONE GREAT HOUR OF SHARING: Feb. 17 to April 4
PENTECOST: April 5 to May 23
PEACE & GLOBAL WITNESS: Sept. 5 to Oct. 3
CHRISTMAS JOY: Nov. 28 to Dec. 19