Compensation & Benefit Services

              

Compensation and Benefit Services exists to serve lay leaders and church employees by providing guidance in a variety of financial matters.

Churches face critical decisions regarding financial matters that must be made in compliance with applicable laws and in accordance to biblical mandates. We provide consultation in matters related to retirement planning, insurance protection, tax considerations, and structure and administration of compensation for pastors and staff. We work closely with GuideStone Financial Resources of the Southern Baptist Convention to offer wise counsel that is undergirded and empowered by spiritual insight.

2020 Compensation Survey Postponed

Due to COVID-19, the 2020 church compensation survey sponsored by Lifeway and GuideStone has been postponed until 2022 in order to capture a more accurate look at compensation and benefits across the Southern Baptist Convention.

Churches that utilize the 2018 church compensation survey should consider adjusting the reported results to include a cost of living increase since the survey data is dated. Per The Kiplinger Letter, the 2019 annual increase in the Consumer Price Index is 2.3%, and should be approximately the same increase for 2020.

IRS issues standard mileage rates for 2021

The Internal Revenue Service has issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020.
  • 16 cents per mile driven for medical or moving purposes, down one cent from the rate for 2020.
  • 14 cents per mile driven in service of charitable organizations. The charitable rate is set by statute and remains unchanged.

It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station. For more details, see Rev. Proc. 2019-46.

“But all things should be done decently and in order.”

1 Corinthians 14:40

How can we help you better steward your resources?

Email [email protected] or call (800) 395-5102, ext. 5604

How can we help you better steward your resources?

Email [email protected] or call (800) 395-5102, ext. 5604

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