Your church may qualify for (more) government refunds because of COVID shutdowns
Is your church leaving money on the table?
Did you know that there are more COVID refunds available from the IRS beyond the PPP program? Yes, it is true. And the dollars available in the new program are bigger than PPP!!
The BCNE was able to get a refund of some of the payroll taxes we pay in for our employees. Our accounting firm, Wisdom Over Wealth, helped us complete all the paperwork. They made it easy.
I was surprised to hear from our friends at Wisdom Over Wealth that very few of our BCNE churches have applied for the money available from the new ERTC program through the IRS.
Wisdom Over Wealth has helped over 40 churches claim $4.5 million from this COVID relief program. But virtually none of them are BCNE churches.
The Employee Retention Tax Credit (ERTC) is a refund of payroll taxes that your church paid on behalf of non-clergy employees during COVID. Refunds of up to $5,000 per employee for the year 2020, and up to $21,000 per employee for 2021 are available.
To qualify, your church must have experienced a shut down or cut back in programming due to a government order about Covid.
Like many government programs, some of the rules and the calculations are complex. But under Wisdom Over Wealth’s ERTC program, they do the calculations, and you only pay them after the church receives the refund from the IRS.
Wisdom has already done many of these credit evaluations and corrections for churches, and we don’t want our BCNE churches to miss out! Wisdom is equipped to evaluate the benefit of the ERTC for your church. They will calculate the refund available and prepare the forms enabling your church to obtain the ERTC money for your church.
I urge you to contact either Kaitlin DeWitt (509-480-2227; kdewitt@wisdomoverwealth.com) or Bill O’Connell (617-921-9321; billoconnell@wisdomoverwealth.com) at Wisdom Over Wealth to discuss how your church might benefit from the government ERTC program.
Dr. Terry W. Dorsett serves as the executive director of the Baptist Churches of New England.
