Category Archives: Internal Revenue Service

Impact of Tax Reform Bill on Ministers and Churches

Posted on March 6, 2018 by benefitsboard

NOTE: Please see information below about new online calculators and W-4 Forms from the IRS. Also, join us at 2:00 pm ET on Thursday, March 8, 2018 for a one-hour live webinar on the Tax Reform legislation. As we have … Continue reading →

Posted in 03 - March 2018, 2018, Internal Revenue Service, Tax Information | Leave a comment

Remember New Filing Date for W-2s and 1099s

Posted on January 18, 2018 by benefitsboard

Although we are only a few weeks into the new year, church treasurers hopefully have already given W-2s to employees, Form 1099s to independent contractors, and charitable receipts to all that contributed more than $250 at any one time to … Continue reading →

Posted in 01 - January 2018, Internal Revenue Service, Tax Information | Leave a comment

Impact of Tax Reform Bill on Ministers and Churches

Posted on January 16, 2018 by benefitsboard

Congress ended 2017 by passing the largest tax bill in over 31 years. While many call this tax reform, in reality it was just tax legislation. On the positive side, the Benefits Board, with assistance from some of our Administrative … Continue reading →

Posted in 01 - January 2018, Internal Revenue Service, Tax Information, Uncategorized | Leave a comment

Items Not Considered as Reportable Income

Posted on August 12, 2015 by benefitsboard

Lawyers often jokingly state that there is a simple distinction between tax evasion and tax avoidance – twenty years in federal prison. Hiding income is tax evasion and punishable by imprisonment upon conviction. However, there are several items mentioned within … Continue reading →

Posted in 08 - August 2015, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Reportable Income for Ministers

Posted on August 5, 2015 by benefitsboard

Ministers and churches often find it difficult to determine or agree upon what is or is not reportable income for the minister. However, it is the treasurer’s job to make this determination since he or she is responsible for reporting … Continue reading →

Posted in 08 - August 2015, Informational Manuals, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Identifying and Reporting Business and Professional Expenses

Posted on August 5, 2015 by benefitsboard

It is normal for a minister to incur out of pocket business expenses throughout the year as he goes about conducting business for the church. However, many ministers and church treasurers are not familiar with how these expenses are to … Continue reading →

Posted in 07 - July 2015, Expenses, Informational Manuals, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Tax Reporting of Retirement Plan Contributions

Posted on August 5, 2015 by benefitsboard

Retirement plan contributions made by the church on behalf of the minister or a church-related employee are not required to be reported at all on Form W-2. In addition, amounts contributed to the retirement plan by a salary reduction agreement … Continue reading →

Posted in 07 - July 2015, Informational Manuals, Internal Revenue Service, Ministers, Retirement Contributions, Tax Information | Leave a comment

Tax-deferred Retirement Accounts

Posted on August 5, 2015 by benefitsboard

The Minutes of the Church of God General Assembly state that the local church should make contributions “to the Church of God Ministers’ Retirement Plan for the pastor of an amount equal to at least 5 percent of the cash … Continue reading →

Posted in 07 - July 2015, Informational Manuals, Internal Revenue Service, Ministers, Retirement Contributions, Tax Information | Leave a comment

Tax Filing Extension

Posted on April 13, 2015 by benefitsboard

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 →

Posted in 04 - April 2015, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Multiple Homes and the Ministerial Housing Allowance

Posted on April 13, 2015 by benefitsboard

It is not unusual for a minister to own two homes. He may be living in one home and buying another for retirement purposes or he may have lived in one home for a particular pastorate and bought another home … Continue reading →

Posted in 03 - March 2015, Informational Manuals, Internal Revenue Service, Ministerial Housing Allowance, Ministers, Tax Information | Leave a comment