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.

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

Posted in Uncategorized | Leave a comment

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

Posted in Uncategorized | Leave a comment

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

Posted in Uncategorized | Leave a comment

PPP Forgiveness Underway With New Rules for Loans Less Than $50,000

After substantial delays, lenders across the country are now accepting forgiveness applications for loans obtained through the CARES Act. Under the massive stimulus legislation passed in late March 2020, the Paycheck Protection Program (PPP) provided assistance to small businesses, including … Continue reading

Posted in 10 - October 2020, 2020 | Leave a comment

IRS Launches “Get My Payment” Website

Late in the afternoon on Tax Day, April 15, the U.S. Department of Treasury and the Internal Revenue Service launched the “Get My Payment” website for those who filed a tax return in 2018 or 2019, but did not provide their direct … Continue reading

Posted in Uncategorized | Leave a comment

Stimulus Bill Changes Retirement Plans for 2020

The stimulus bill, signed by President Trump on March 27, 2020, formally known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provided some specific changes to retirement plans, including the Ministers’ Retirement Plan administered by the Church … Continue reading

Posted in 03 - March 2020, 2020, Uncategorized | Leave a comment

Coronavirus Continues to Impact Financial Markets

Less than two weeks after the outbreak was declared a pandemic, COVID-19 (coronavirus) continues to cause great volatility in the financial markets. No investment has been immune to this decline and there has been no safe place to hide in … Continue reading

Posted in 03 - March 2020 | Leave a comment

Benefits Board Operations Continue Uninterrupted

As the coronavirus situation evolves worldwide, the Church of God Benefits Board, Inc./Ministers’ Retirement Plan is working hard to make sure that our operations continue normally, and that we are always here to serve our participants. As of today, the … Continue reading

Posted in 03 - March 2020, 2020, Uncategorized | Leave a comment

Comments on the Upheaval in the Financial Markets due to the Coronavirus

“The downturn in the financial markets over the past few days have been a stark reminder to all of us that while stocks move upward, they also can move down.  After more than a decade of increases, the substantial downturn, … Continue reading

Posted in Uncategorized | Leave a comment

Online Filing of Forms W-2 and W-3

Churches and other church-related employers, along with other businesses, may file Forms W-2 and W-3 electronically by visiting the Social Security Administrations’ website at www.socialsecurity.gov/employer/. On the website, you will need to select “Business Services Online (BSO)” and register as a … Continue reading

Posted in Uncategorized | Leave a comment