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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > equity allowance advice
Expert: John Stancil, CPA
Date: 10/5/2008
Subject: equity allowance advice
Question
Recently, my husband(full time pastor)had additional duties put on him by the death of a fellow staff member at church. The board wants to compensate him by putting "x" number of dollars per month into some kind of account that would not be a salary reduction but a "benefit" for him to use as an equity allowance so that upon retirement he can use it for housing (since we live in a parsonage now). My research says that the church cannot do this unless they offer the same "benefit" to all other staff too. but my husband is the only one with additional work. Is there any way the board can accomplish their goal within tax law guidelines??? thank you.
Answer
Wilma,
Thanks for your question.
My advice would be for the church to increase his salary by that amount and then enter into a salary reduction agreement for the amount of the extra pay. These funds would then be placed in a qualified retirement account that he could access upon retirement.
Hope this helps.
John Stancil, CPA
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