Author Archives: benefitsboard

About benefitsboard

Art Rhodes is the President and CEO of the Church of God Benefits Board, Inc. - the administrator of the Ministers' Retirement Plan and the Church Loan Fund, Inc. The corporate offices of the Benefits Board are in Cleveland, TN.

IRS Changes Mileage Rate 

In an unusual, but expected, move, the Internal Revenue Service recently announced that they are raising the allowed reimbursement rate used for calculating business miles in private vehicles. Effective July 1, 2022, the new mileage rate will be 62.5 cents a … Continue reading

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Public Service Loan Forgiveness (PSLF) for Ministers and Church Employees

New legislation passed in July 2021 extended the Public Service Loan Forgiveness to the student loans of ministers and other employees of non-profit, faith-based entities, including churches.  Therefore, under the Public Service Loan Forgiveness (PSLF) Program, ministers and church employees are … Continue reading

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IRS Announces 2022 Standard Mileage Rate 

The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2022.  Beginning January 1, 2022, the standard mileage rate for the use of … Continue reading

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Board Manuals Updated for 2022 

With each New Year comes new rules, new regulations, and new contribution limits. Therefore, all of the Benefits Board’s free educational manuals have been updated to take into consideration all relevant changes for 2022. You can access the latest version … Continue reading

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Board Grants Year-End “Bonus” to Participants

In the recent meeting of the Board of Directors of the Church of God Benefits Board, the entity charged with managing the Ministers’ Retirement Plan, action was taken to grant a special year-end interest allocation to all participants in the … Continue reading

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Final Instructions

If you passed away today, would your family know how to access all your important accounts, files, insurance policies, and even social media accounts? The current pandemic has contributed to hundreds of thousands of deaths of people who would have … Continue reading

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COVID-19 Funeral Assistance Available Through FEMA

As a part of the recent stimulus legislation passed by Congress, the Federal Emergency Management Agency (FEMA) is making available emergency funeral assistance for those who died from COVID-19. Up to $9,000 per death may be provided if the applicant … Continue reading

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W-2/1099-NEC Tips

A W-2 form must be issued to any employee (including ministers) who received compensation from the local church during the previous tax year. In addition, 1099-NECs (a new form) must be issued to all independent contractors who received more than … Continue reading

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Board Manuals Updated for 2021

With each New Year comes new rules, new regulations and new contribution limits. Therefore, all of the Benefits Board’s free educational manuals have been updated to take into consideration all relevant changes for 2021. You can access the latest version … Continue reading

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IRS Announces 2021 Standard Mileage Rate

The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2021. Beginning January 1, 2021, the standard mileage rate for the use of … Continue reading

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