Category Archives: Form 1099

Reporting Contributions by Chaplains and Evangelists

Chaplains and evangelists are the only participants in the Ministers’ Retirement Plan who can make direct contributions by personal checks to their retirement accounts. All others must make their contributions by salary reduction or by employer contributions through an employer … Continue reading

Posted in Chaplains/Evangelists, Form 1099, Form W-2, Internal Revenue Service, Ministers, Retirement Contributions, Tax Information | 1 Comment

Paying Taxes on Amounts Withdrawn Early from Pension Funds

Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading

Posted in Form 1099, Internal Revenue Service, Retirees, Retirement Distributions, Tax Information, Uncategorized, Withdrawals | Leave a comment

No Annual Interest Statement from Board

Each year as participants begin to get all their tax information together, they realize that they have not received a Form 1099-INT from the Benefits Board showing the amount of interest they earned on their retirement account during the previous … Continue reading

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Helpful Hints When Choosing a Tax Return Preparer

While most tax preparers provide excellent service to their clients, the IRS urges taxpayers to be very careful when choosing a tax preparer. You should be as careful as you would in choosing a doctor or a lawyer. It is … Continue reading

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Additional Tax Tips

During the holiday season in years past, each taxpayer use to receive another package in the mail from their favorite uncle. Yes, “Uncle Sam” would send a package immediately after Christmas that contains your tax forms for filing your income … Continue reading

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Employee (W-2) or Self-Employed (1099)?

If you are a pastor or employee of a Church of God church or related entity, you should receive a Form W-2 from your employer by no later than February 1. While many minister (and churches) continue to claim that … Continue reading

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New Video Clips Available from Benefits Board

Our latest project at the Benefits Board is a few short, informative videos we believe will be helpful to church members, pastors, and especially church treasurers. To access the five new videos, simply go to our website, http://www.benefitsboard.com, and click … Continue reading

Posted in Expenses, Form 1099, Form W-2, Informational Manuals, Internal Revenue Service, Ministerial Housing Allowance, Ministers, Pay Roll Taxes, Tax Information | Leave a comment

Requesting an Extension to File Your Taxes

Since 2006, the Internal Revenue Service has made it easier for you to get a six month extension on filing your individual tax return. In previous years, you could file an IRS Form 4868 and get an automatic extension of … Continue reading

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Audit Tips

Your chances of being audited by the Internal Revenue Service are going up, but only slightly. It is helpful to look at a historical perspective to have a better understanding. For example, in 2001 the IRS audited 732,000 individual returns … Continue reading

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Gifts Designated for Pastor

Responding to an inquiry by a constituent of U.S. Senator Johnny Isakson (D-GA), the Internal Revenue Service in 2009 addressed the tax consequences of a church member’s contribution to his local church when the donor designated the contribution to help … Continue reading

Posted in Charitable Gifts, Form 1099, Form W-2, Internal Revenue Service, Ministers, Pay Roll Taxes, Social Security, Tax Information | Leave a comment