Category Archives: 2014

More W-2 and Tax Tips

More W-2 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 completing the forms, here are a few tips to remember:  The W-2 forms … Continue reading

Posted in 01 - January 2014, Form W-2, Informational Manuals, Internal Revenue Service, Tax Information | Leave a comment

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 Trustees’ Fund. … Continue reading

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Posted in 12 - December 2014, Investments, Retirees, Retirement Contributions, Retirement Distributions, Stock Market, Withdrawals | Leave a comment

New Resource and Tax Manuals Available

To help ministers and churches deal with the ever changing and even more complex tax laws, two new manuals have been added to the Benefits Board web site. The manuals are used by permission of the Evangelical Council of Financial … Continue reading

Posted in 12 - December 2014, Informational Manuals, Internal Revenue Service, Tax Information | Leave a comment

IRS Announces 2015 Standard Mileage Rates

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 2015. Beginning January 1, 2015, the standard mileage rate for the use of … Continue reading

Posted in 12 - December 2014, Expenses, Ministers | Leave a comment

NO Reimbursement of Certain Health Insurance Policies with Pre-Tax or After-Tax Dollars

While most churches thought that they were exempt from the major impacts of the Affordable Care Act (often called “ACA” or “ObamaCare”), a seemingly innocuous Internal Revenue Service notice, issued in September 2013, has been interpreted to place many churches … Continue reading

Posted in 12 - December 2014, Health Care, Ministers, Pay Roll Taxes | Leave a comment

Returning Building Fund Contributions

Many, if not most, churches have established a specific fund to receive building fund donations. This fund is designated solely for building purposes and accumulates money until the project is completely funded. In limited situations, the building project is never … Continue reading

Posted in 11 - November 2014, Charitable Gifts, Church Loans, Tax Information | Leave a comment

Pulpit Freedom Sunday – October 5, 2014

Sunday, October 5, 2014 has been designated as Pulpit Freedom Sunday. Several different organizations and individuals, including noted Christian historian and President of WallBuilders, David Barton, are encouraging ministers across the country to use this Sunday as an opportunity to … Continue reading

Posted in 10 - October 2014, Ministers, Tax Information | Leave a comment

Young Investors Have the Power of Compounding

Recent research compiled by Vanguard Investment Counseling shows those who start saving for retirement in their 20’s can save nearly double what investors beginning in their 30’s can put away for retirement. A participant who starts making contribution of $1,000 … Continue reading

Posted in 09 - September 2014, Investments | Leave a comment

No More “Do-Over” From Social Security

In times past, Social Security recipients could file for benefits after reaching 62 years of age, later repay those benefits before reaching age 70, and then start over again drawing with a larger payout. This “do-over” provision has all but … Continue reading

Posted in 08 - August 2014, Social Security | Leave a comment

Hardship Withdrawals

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading

Posted in 08 - August 2014, Retirement Distributions, Withdrawals | Leave a comment