TAX INFORMATION

It doesn’t look like much is changing tax-wise in the upcoming year that will affect our local churches.

There have been a few minor changes to payroll taxes for 2022: In 2021, the IRS extended the COVID-19 related credit for qualified sick and family leave wages and COVID-19 related employee retention credit. The COVID-19 related credit for qualified sick and family leave wages are for wages paid for leave taken after March 31,2021 and before October 1, 2021, this credit has not been extended again and will not be on your 941 report for the 4th quarter 2021 or on the reports in 2022. The COVID-19 employee retention credit is available for qualified wages before January 1, 2022, it does not look like this credit will be extended as well so it will also be taken off the 941 reports for 2022, but will still be available for the 4th quarter 2021. Arkansas’s minimum wage will continue to be $11 for the upcoming year.

 

REPORTING UPDATE

Something to make note of for 2022, is that GCFA has discontinued Ezra (the statistical program we have been using to collect data and generate statistical reports). We have weighed several different options and are now in the process of finalizing plans to move our information back to the Mission Connect system. Once those plans have been finalized, we will be sending out more information.

 

Bailey Thomas

Center for Administrative Services, Assistant Director