AboutJohn 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 Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
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. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question We have an individual in our church who would like to start a ministry abroad but has yet to decide which organization to join. The church would like to help him by allowing members to contribute monies to the church to then be directed towards this individuals mission. (after receiving donations the church would write a check to the individual). I am aware that once the donor directs the use of the gift, it is no longer tax deductible. However, if the church board approves that a certain amount of $ be given to this individual, is it permitted to create a temporarily restricted fund for the donations given towards the individual and have them be deductible to the donor?
Thanks so much for your wisdom!
Answer Elizabeth,
Thanks for your question.
That would be acceptable under current IRS guidelines. The contributions would have to be made to the fund. The fund should a missions fund (or something) and not a Joe Smith Fund.
