Category Archives: 2016

Update on Constitutional Challenge to Housing Allowance

In an expected but unfortunate development, the Freedom From Religion Foundation filed a new lawsuit on April 6, 2016, challenging the constitutionality of the ministerial housing allowance under section 107 of the Internal Revenue Code. This lawsuit follows a similar … Continue reading

Posted in 12 - December 2016, Ministerial Housing Allowance | Leave a comment

Year-End Contributions to Your Retirement Account

All pension contributions received in the Board’s office by the close of business on Thursday, December 29, 2016, will be posted to the participant’s account and will apply against the participant’s 2016 contribution limits. Contributions received in this office after … Continue reading

Posted in 12 - December 2016, Ministers, Retirement Contributions | Leave a comment

Year-End Contributions to Churches

As we approach the end of each year, there are always questions about the tax deductibility of charitable contributions made to local churches. The rule is relatively simple – donors must deliver or mail (with the postmark visible) checks on … Continue reading

Posted in 12 - December 2016, Charitable Gifts | Leave a comment

Contribution Limits for 2017

The Internal Revenue Service recently announced the new pension plan contribution limits for 2017. While there are many different limits that impact pension plans, the main limits that effect participants in the Ministers’ Retirement Plan are as follows: The salary reduction … Continue reading

Posted in 12 - December 2016, Chaplains/Evangelists, Ministers, Retirement Contributions | Leave a comment

IRS Announces 2017 Standard Mileage Rates

Running a little later than usual, 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 2017. Beginning January 1, 2017, the standard … Continue reading

Posted in 12 - December 2016 | Leave a comment

Rate on Trustees Fund Set at 4% for 2017

In the recent meeting of the Board of Trustees of the Church of God Benefits Board, the entity charged with managing the Ministers’ Retirement Plan, the return on the Trustees’ Fund was set at four (4%) percent. For the past eight years … Continue reading

Posted in 12 - December 2016, Investments | Leave a comment

Holiday Hours

MERRY CHRISTMAS FROM THE BENEFITS BOARD!!  Now that we are approaching the end of the month, the staff at the Benefits Board is making plans for Christmas and the end of the year. With minor exceptions, the Benefits Board will … Continue reading

Posted in 12 - December 2016, Uncategorized | Leave a comment

New Filing Date for W-2s and 1099s

With just a few days left before the new year, church treasurers are hopefully already making preparations to get out W-2s to employees, Form 1099s to independent contractors, and charitable receipts to all that may have contributed more than $250 … Continue reading

Posted in 12 - December 2016, Form 1099, Form W-2, Tax Information | Leave a comment

In the Know LIVE

Thursday, December 15, 2016 2:00 – 2:30 PM ET The end of the year and holidays are quickly approaching, but don’t let the stress of it all weigh you down.  To relieve some pressure, join us on December 15th for … Continue reading

Posted in 12 - December 2016, In the Know LIVE | Leave a comment

Overtime Rules on Hold

On November 22, a federal judge in Texas issued a nationwide preliminary injunction to stop the U.S. Department of Labor from implementing the new overtime rules that were set to go into effect on December 1. Under the new rules, … Continue reading

Posted in 11 - November 2016 | Leave a comment