Q: I had a flood in my home. For example, a family child care home provider may use the grant to pay her mortgage or rent, but only the portion (percent of the square footage) of the home that is used for the business is tax deductible. Q: My business is an S Corporation. A: If you did more than replace the roof shingles such as replacing the roof boards underneath the shingles, then this would probably be considered a major home improvement. Do you advise doing this? Can I deduct this? <> Q: You said that almost everything in your home is a deduction (welcome mat, chairs, flowers in your front yard), can you clarify if these are 100% deductible or time-space%? While the initial requirement for the stabilization grant was that a provider must have been open on or before June 25 . Almost. Investing in Iowa's Child Care (IICC) Funding Program The tax implications of the grants depend on several factors, namely, how the provider uses the funds, the providers household income, and possibly the state in which they live. On another slide it says that state grants are taxable income. Q: Can I use this grant to pay myself? Q: How to I calculate my Time Percent when children are in my care 24 hours a day? oRT@ 66V'aNAS\u8g<05!rzf7M- (bw1RK51 wOffHg]tJ}%NaiIrIV.y3*2w@LIGFIm(IsMv Q: Do we need to enter into KidKare if I am paying myself? If he did not, have him amend your tax return and not charge you for doing so, since it was his mistake. In this case, she can deduct the business portion of these expenses by estimating the percent of time they will be used for business versus personal purposes (usually her time-space percentage). No! What if I am on payroll with my staff? Can I give him a $500 bonus? You can treat this as a repair and deduct your time-space% of this cost in one year. Q: My large vehicle that I use for business and personal purposes needs a new transmission. As we all know, parents need access to safe, quality child care to get back to work. Is this a deduction? No. In this blog, Anna Mercer-Mclean details how she has utilized funding to increase salaries and benefits for her employees and her strategies to sustain providing ECE professionals their worth. Q: If I pay myself will I need to give myself a W-2? If you are considered a hobby, you might not be able to deduct all of your expenses. <>/Metadata 1131 0 R/ViewerPreferences 1132 0 R>> A: Yes, deduct your time-space% of the cost in one year. This still leaves $2,100 for the provider to spend as she chooses (or save it). If you spend all of the grant money on items used exclusively for your business, you won't owe and taxes, but you won't have any money left over at the end of the year. The CCSG application is now closed. If so, the corporation must pay you with the grant money through your normal payroll process which means paying payroll taxes. How do I get the childcare stabilization grant? Step 1: Submit an OK Child Care Application Step 2: OKDHS reviews the application Step 3: OKDHS approves the application Step 4: Child care program is notified of approval via email Child Care Relief Funding 2022. Tom Copeland: The Tax Implications of the Child Care Stabilization Grants 6,690 views Nov 15, 2021 86 Dislike Share Save usgovACF 12.3K subscribers This video identifies the benefits of the. A: No! endobj Is this a home improvement or a repair? Child Care Stabilization Fund 5 Q: How many rounds of payments will be made? In other words if I use the standard meal allowance to claim my food expenses, wont this be the same amount as the reimbursements I received from the Food Program? You dont have to if you dont want to. If you are a non-profit or not-for-profit organization, this funding is tax exempt. Q: Is the Stabilization grant taxable income? This builds on critical down payments on relief . Child Care Stabilization Grant Questions and Answers. The IRS has published information indicating that "receipt of a government grant by a business is generally not excluded from the business's gross income under the Federal Tax Code and therefore is taxable." Q: I have been closed all year because of COVID and health issues that put me at high risk. Consult with your accountant for more information. And while many childcare providers have opened back up, its been anything but easy. Keep enough records to show that children are present 24 hours. Using Child Care Stabilization Grant funds to pay federal taxes is not an allowable expense. Is this deductible? Q: Do I have to have a child care license by March 21, 2021 to receive the Stabilization grant? Q: Can I claim my couch as a tax deduction if its used by my daycare children? Are the grant funds taxable? Q: Can I pay myself any amount? Subject: Child Care Stabilization Grants Appropriated in the American Rescue Plan (ARP) Act (Public Law 117-2) signed into law on March 11, 2021. See the video here: [video width="1390" height="1000" mp4="http://tomcopelandblog.com/wp-content/uploads/2022/02/Questions-and-Answers-about-Stabilization-Grants.mp4"][/video]. So, this is not a requirement in Colorado. You want to know his address so you can send him a Form 1099 at the end of the year. Each state has its own guidelinescheck your local government website to confirm: Who is eligible and how to apply for the grant. Distribution date Deadline; Cohort 1: (Center (100+) October 5, 2021 : October 18, 2021 at 11:59 p.m. CT: Cohort 2: Center (76-100) . endobj Q: If I have parents are paying me, can I still pay myself and just make more money those months I pay myself? Can I reallocate some of this money so I dont have to pay income taxes? The American Rescue Plan Act (ARPA) Child Care Stabilization Grant, which some call the daycare grant, is a federal financial assistance program recently launched by the Office of Child Care to provide $24 billion of economic relief to child care programs impacted by the COVID-19 pandemic across the country. Yes. 9EJH-E*!PPRs&-L\1%gh7XXjZ/ Did this change? Is the Child Care Program Stabilization Funding taxable? Should we spend everything that we receive with the grant? Since you cant deduct these expenses on your 2021 tax return, youll owe taxes on the amount you apply to 2020 expenses. You can deduct the amount you pay your assistant. The NJ American Rescue Plan (ARP) Stabilization Grant is no longer accepting applications. Should I apply for the Stabilization grant?, Is the money I received from the grant taxable income, even if I didnt receive Form 1099?, Is it better to pay myself or spend it on my business?, These are some of the many questions Ive received during my February 10th webinar How to Save Money on Your 2021 Taxes.. The Stabilization Payment Program Round 2 is a nine-month payment program that runs August 2022 through April 2023. Important note: Although there is federal guidance on how the Stabilization grants are to be administered, each state may interpret this guidance slightly differently. Each state, territory, and tribe may further clarify eligibility requirements, but the federal eligibility parameters indicate that licensed, registered, and legally license-exempt center-based and home-based child care providers are eligible. +|>Pv o+$^1-{z(*EW~l3Md Y{'m"7E:OeegN$d8=Jby&afJISI. A: If your state audits how you spent the grant, it is not likely they will audit the rest of your business. The corporation can deduct your wages and payroll taxes. Q: I have two workers and pay them in cash and hope to give them IRS Form 1099. Q: When you give a bonus to your staff, do you treat the deduction the same as payroll deductions? No. CARES Act Provides $3.5 Billion in Child Care Relief. <>/Metadata 2634 0 R/ViewerPreferences 2635 0 R>> <> While each state, territory, or tribe can specify the specific uses of grant funds, the funds are intended to support providers general operating expenses, wages and benefits to employees and owners, rent, utilities, cleaning and sanitation supplies and services, and other goods and services needed to maintain or resume operations as well as mental health supports for children, families, and employees. . The two-year grant period is scheduled to end in September 2023, meaning eligible employees may receive . Are you saying this is not deductible? Please call us at (315) 446-1220. If you do sign up, please use the referral code 0659. Image credit: https://californiahealthline.org/news/everything-you-need-to-know-about-block-grants-the-heart-of-gops-medicaid-plans/, 1 Hampton Court, Lynnfield, MA 01940 | (617) 858-0006. It wont matter if he doesnt sign it. Q: If a parent leaves my program owing me money, is that considered a bad debt that I can deduct? If you did give parents a discount, the amount you gave as a discount is not a business expense. She may keep the funds in the bank account as an emergency fund for later use or she can spend it as she wishes. Painting is a repair. Clearly a couch meets that definition. In response to the COVID-19 public health emergency and its impact on the child care industry, President Biden signed the American Rescue Plan Act of 2021 (ARP Act). The government has taken notice, and their answer is The Child Care Stabilization Grant, part of the American Rescue Plan Act (ARPA). For further guidance on the tax implications of the Child Care Stabilization Grant, please contact your accountant or financial advisor. A: The cost of any item that is used exclusively for your business can be deducted 100%. Wuo|E&\ttPVcZ27-d#XH%{a_mTfP %bkTnwuB_k()JZ p)Qk)LWIH67aJ9>jZ4V#^VQn'*T20Y';X+7sAOQ`+ZZ4&+!` Z+Z C2]/cLWIw<4mH:C7CQ9\x&KFX!8\Q4(mYO{N+CSLrcj'$"^)XG.aVa0WLT)&'q=y@xkJvh^A7T1Z endobj A: Each state has its own rules about this, so I dont know the answer for your particular state, sorry. You can pay yourself with the EIDL loan. Phase three will include the closeout process for these funds. If you are a sole proprietor (self employed), you do not take out payroll taxes before paying yourself. A: If you pay yourself with the grant and then buy items used 100% for your business, you wont owe any taxes on the amount you use the grant for this purpose. Q: I understand I cant lower my employees wages, but what if the employee wants to work fewer hours? Grant funding amounts and distribution schedule. A: You can claim expenses for your vehicle using either the standard mileage method or the actual expenses method. A: You can count all the hours children are present in your home. But, they will reduce your federal and state taxable income. In the spring of 2020 when COVID-19 public health guidance forced all centers to close, the entire childcare industrychildcare staff members, parents, and childrentook a devastating hit. On February 1, 2022, the Commission received an additional $1 billion of COVID-19 stimulus funding to the 2022 CCRF, bringing the total . You will report less income in this situation, but you cant deduct anything that a parent owes you. Q: If I pay myself, how much will I owe in taxes? Under federal guidance, this clearly language clearly applies to a family child care provider, even if she has no employees. Afterwards it costs $99.00 a year. In general, every licensed or regulated provider is eligible. Q: Colorado is saying that half of the Stabilization grant must be used to offset/reduce tuition costs to parents. It is also important for providers to know that not all business expenses are fully tax deductible. If they are present 24 hours a day, five days a week, that represents 120 hours that you can count. Grant funds are not a loan that need to be paid back. Q: Is the Economic Injury Disaster Loan (EIDL) a Stabilization grant or is this a loan that must be repaid? Q: Does going back to college count as hours? 32% of employers have seen some of their employees leave the workforce due to the effects of COVID-19. Q: Do I include the square footage of my garage that is not attached to my home as part of the total square feet of my home? You need to contact your state agency to get an answer. Q: If I start claiming Social Security before my full retirement age, does Social Security look at my gross income or net income to determine if my benefit will be reduced? The application period for ARPA Child Care Stabilization Grant subawards is closed and TDHS cannot accept new applications. A: Its totally up to you how long you want to remain in business or when you want to close. A: No, you cant use the grant money for these major improvements. Child Care Stabilization Funding DECAL recognizes the critical role that child care plays in supporting children, families, businesses, and the economy as a whole. You must treat people who help you care for children as your employees, subject to all the payroll taxes. A: If you are self employed, you are filing IRS Form 1040SE which calculates how much Social Security/Medicare tax you owe. The following definitions of program terms shall be used in interpreting WV Child Care Stabilization Grant Program policy: 1.1.1. The American Rescue Plan Act (ARPA) has provided resources to states to distribute stabilization grants to child care providers to ensure that child care is available to support families and businesses as the economy recovers. Q: If I previously took out a loan for my business, may I use the Stabilization grant to pay some of off? Claim this as a house repair on Form 8829. The amount your reduced tuition would have no impact on your taxes. The portion that she uses for businesses expenses can be deducted from her taxable income, but the other half cannot, and she will need to pay taxes on that amount. However, since every situation is unique and states may release additional requirements or restrictions, providers should always consult a tax professional to obtain advice specific to their own unique situation. A: I dont know. A: You can deduct your Time-Space% of your utilities. endobj Q: Do I claim the same time-space% I used last year? Q: If I have staff can I still pay myself the whole amount? Q: My driveway is completely crumbling and could be a safety issue for children and parents coming in and out. 5 Child Care Workforce Stabilization Grant Payout Schedule Qualifying Employment Period - Employees must be employed at least 30 days prior to the beginning date of the qualifying period through the end of this time period to be eligible for the quarterly bonus. Q: Can I use the grant money to rewire my home? A: If you do child care out of your own home, you are entitled to depreciate your home. Yes. For all of the above answers that were No, you can still pay yourself and then use the money for these purposes. Is replacing this considered a repair or home improvement? Supporting Centers in Preparing for Child Care Stabilization Grants Paying yourself involves nothing more than making a record indicating this. A: I am sorry to hear this. In other words, lets say you paid yourself $5,000 and used $2,000 for items used 100% for your business. Q: What criteria is my state using to approve the Stabilization grants? A: You can count all hours that you work in your home, either caring for children or doing other business activities. Is there a limit to the number of programs that will be funded? Therefore, you would need to file 1099-Gs to avoid penalties for failure to file (Internal Revenue Code Section 6721) or failure to furnish (6722). Funds must be used to support the key operating expenses of child care providers to help ensure access to child care for families. All $20 million of the One-Time Supplemental Stabilization Grant funds was awarded in January 2022. This could include fish, gerbils, rabbits, and so on. The plan includes $24 billion in child care stabilization grant funding for states, territories, and tribes to distribute within their state using the Child Care and Development Grant (CCDBG) formula. Q: If I use the actual expenses method to claim food expenses in one year, can I switch to using the standard meal allowance method in another year? Q: How can I build up my Social Security benefits before I retire when my profit has not been very high? Phase two will include application, awarding, and issuing of funding. Q: If I have been in business for 30 years and sell my home ten years after I close my business, do I still need to pay tax on the home depreciation I claimed while in business? Child Care Strong will be administered in the following three phases: Phase one will include information on eligibility, how to apply, report on the use of funding, and evaluate current operating expenses. Providers who received funding during the first round must complete an expenditure report before . Therefore, my answers below may not be the same answers your state gives you. The provider should keep two copies of all receipts from purchases made so that one can be kept for her IRS records and the other can be used if required for grant reporting. A: Depends on what your state says. Funds are in place so every eligible program can receive one grant per facility/site. Q: Can I use the grant money to fully remodel my kitchen, put up new house siding, metal roof, new back deck? Child Care Stabilization Grants The American Rescue Plan Act of 2021 (ARP Act) (Pub. Q: If I only have one child, can I still apply for the grant? Q: How do I find out where to apply for this grant? The EIDL loan you must pay back. Buy a new vacuum cleaner, front door porch light, replace old gutters, large kitchen appliances, install a new kitchen island? Keep in mind that all of these funds are taxable, so maintain records of how you . Some states have decided to be very lenient in how they distribute funds, some have a rigid set of regulations, and some have yet to decide how theyll give out these funds. The Child Care Stabilization Grant (CCSG) Program sustains Arizona's child care network by giving a consistent, reliable funding source directly to child care providers to cover increased cost and challenges due to COVID-19 through June 2023. You can use it for free during a 30 day trial period. You will always be better off financially after taking a grant, even if it increases your taxes. 24 February 2023 . Before the pandemic, there were approximately. Q: If I pay a neighbor to paint my daycare with cash, how can I record this as an expense? Not all applications are guaranteed to be approved. Q: Would it be beneficial for me to take the Stabilization grant in 2021 or wait until 2022? Q: I gifted some of the grant back to parents because of COVID. Q: Is a new roof a major or minor repair? If after viewing this video and reading these questions and answers, you still have questions, feel free to send me an email at tomcopeland@live.com. All organizations receiving funding must report this as income to your program. See this from the AARP website. Will I have to pay taxes on what I am getting reimbursed for? Q: If I use the grant money to pay myself and then use the money to repair my home or fix my basement, can I deduct this as a business expense? A: I dont know the answer for your particular state, sorry. Each state will receive anywhere from $39 million to $2.9 billion in funding from the grant to distribute as they see fit to eligible child-care providers. Discounts, scholarships and refunds are not tax deductible. Q: I am on the Food Program and I spent $100 a month for food, but am only paid $68 from the Food Program. Q: Where does the grant go on Schedule C? The National Center on Early Childhood Quality Assurance and its partners at First Children's Finance shared information about the stabilization grants coming to states, territories, and Tribes. Beginning November 1, 2021, DHS will be using American Rescue Plan Act (ARPA) funding to increase the number of monthly absent days for the Child Care Assistance (CCA) program from 4 to 6. Q: My state (Colorado) is requiring that 50% of the grant be used as tuition discounts. We are planning on finishing the kitchen after the first of the year by replacing the old cabinets. / Blog / General / child care stabilization grant taxable. [1]This amount will depend on the state in which the provider lives. Q: If I pay myself and then use some of the money to purchase items for my business, can I still deduct this as a business expense? A: Its a repair because you didnt remodel the entire kitchen by replacing just the cabinets. Can painting the house be deducted as a repair? Using a reimbursement model, management and reporting is easy and takes the burden off your HR team. stream Q: My states guidelines say that providers are required to provide families relief to the extent possible. For example, charging less tuition to assist parents. Ask your tax preparer to advise you. dollars for the Child Care Stabilization Grants These grants are to provide financial relief to family child care providers and child care centers to cover business costs associated with COVID-19 and to help stabilize their operations This represents a substantial financial benefit to all child care programs! Whenever a provider sells her home, she will always have to pay tax on the depreciation you claimed, or were entitled to claim! But, if you pay yourself, you can then use this money to purchase a home. A: Social Security will look at your net income. Q: If I store all my childrens books on shelves in my sons room (he is too old for them), do I count the square footage that the shelves take up, or do I count the entire room in my time-space% calculation? If you do, the amount that you lower your tuition is not tax deductible. Take a before and after picture of the area he painted. Q: If I was closed because I had COVID and didnt have parents pay during that time, how do I record using some of the grant to cover the lost revenue? A: Count the entire room as regularly used as a daycare storage room. See the funding breakdown by state, tribe, and territory, and more information about the grant on the White House American Rescue Plan Funding Fact Sheet. <> Afterwards it costs $99.00 a year. Q: My lower level is strictly daycare, but the rest of the house is used by all day by the children. Q: Can I claim Social Security on my ex-husband? Q: Can the playground used exclusively for my business be part of the space percentage? Our goal is to help your program become financially secure. Q: Can we pay ourselves in 2022 with grant money from 2021? Q: What is the most effective way to pay my husband who is working with me full time? On April 9, 2021, the Delaware Department of Health and Social Services and the Delaware Department of Education announced that the Delaware Early Education and Child Care Stabilization Fund will provide $66,752,816 in direct grants to support eligible early child care professionals across Delaware. That said, if a provider is receiving other public benefits based on income eligibility (e.g., health benefits, tax credits, student financial aid) and this grant increases their taxable income to a level that will make them no longer eligible for those benefits, they may need to look very closely at the cost versus the benefit of receiving a stabilization grant. 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