In late 2010, Congress passed a law which provides assistance to small businesses in meeting the costs of providing health care insurance to their employees. Many small non-profit organizations, including churches, are included in the law's definition of "small business."
Two churches that I helped with their filings are due to receive over $5,000 each as a result of this new law. One state office should be receiving a check for almost $10,000.
Even if you missed the May 15th deadline for filing for calendar year 2010, your church may still qualify for a check from the federal government. Since this tax credit is a “refundable” credit, your church could get a check even though it does not pay any taxes to the federal government.
If your church operates its finances on a fiscal year basis (such as from September through August) instead of a calendar year basis (January through December), you may still file for the tax credit based on the end of your fiscal year. If you are on the September – August fiscal year like the state and international offices, you may file in September of 2011 for the period August 2010 – September 2011. The same requirements apply for qualifying as did for calendar year 2010.
If you need more information or any help in completing the necessary paperwork to claim the tax credit, please contact me right away at Ron@VisionAdvocates.org or by phone at 770-733-4522.
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