Tax Law (Questions About Taxes)/Expert Profile


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John Stancil, CPA

U.S.
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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 am Professor Emeritus at Florida Southern 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 CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship, and the Institute of Management Accountants. Visit my website at www.mybaldcpa.com. I also offer seminars and consultations to churches and clergy on their tax issues at www.churchtaxsolutions.com Also visit my blog, www.thetaxdocspot.com. I am listed on Tax Connections at https://www.taxconnections.com/profile/John-Stancil/12258973 Prepare and file your own taxes at www.1040stancilcpa.com

Experience in the area

I hold a doctorate in Accounting, and three professional certifications: CPA, CMA,and CFM. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 35 years and have taught accounting and tax at the college level for over 35 years.

Organizations

FICPA, IMA, NATP, NCPE Fellowship

Publications

The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

Education/Credentials

DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

What do you like about this subject?

I enjoy the dynamic nature of taxation, and the fact that it is always changing. I also enjoy helping citizens minimize their taxes, so they only have to pay the legally required minimum amount.

What do you still hope to achieve/learn in this field?

One can never know all the tax law, so I hope to increase what I do know, and keep up with relevant changes in the law.

Something interesting about this subject that others may not know:

It was not until WWII that the income tax became a mass tax. Prior to that time, only the very wealthy paid income taxes.


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Brian10/28/14101010Thanks for your quick response.
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Recent Answers from John Stancil, CPA

2014-10-27 Multiple W-2 forms from the same employer:

David,    Thanks for your question.    Even though they are owned by the same person/organization, each of company or EIN is independent of the other for these purposes. Therefore you will get a separate

2014-10-27 Capital gains tax:

Tim,    Thanks for your question.      First, her basis in the house depends on whether or not she was a co-owner when your father was alive.  If this is the case, her basis is 1/2 of the original cost

2014-10-24 Distributions:

Kenneth,    You might want to structure the whole thing as an investment club. http://www.sec.gov/investor/pubs/invclub.htm IRS Publication 550 has some information on Investment Clubs. http://www.irs.gov/publications/p550/ch01

2014-10-21 amendment and form 982:

James,    Thanks for your question.    If you included the 982 with your original return, I do not understand why the IRS did not accept it, unless the form was not completed properly.    First, if the

2014-10-19 401k and taxes:

Lou,    Thanks for your question.    Unfortunately, a 401(k) is always tied to your employer and you can only make contribution to the plan as an employer.  As an employee, your options for a retirement

 

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