Tax Law (Questions About Taxes)/Expert Profile

John Stancil, CPA

On Vacation
returns 06/30/2014

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 35 years. I am a member of the National Association of Tax Professionals, The NCPE Fellowship, and the Institute of Management Accountants. Visit my website at Also visit my blog, Prepare and file your own taxes at

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.




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.


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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Chris03/06/14101010This expert sure knows his business! Thanks .....
Joe03/03/14101010Thanks for your timely response. It is .....
Anita03/02/14101010Thank you very much.
Gary02/28/14101010Thanks, John, for your very timely and .....

Recent Answers from John Stancil, CPA

2014-03-03 S corp taxes:

Gerald,    Thanks for your question.    It appears that you sold the assets of the business but not the business itself, meaning you still own the Corporation itself.    For 2012, you should report on

2014-03-02 Lawsuit settlement distribution to an estate:

Anita,    Thanks for your question.    Since the money was paid the the estate, you should file an estate tax return Form 1041.  Each beneficiary should receive a Form K-1 from the estate.      You may

2014-02-28 Dependent:

OJ,    Thanks for your question.    No, that is not correct.  The $3,950 (went up this year) income limitation only applies when someone is qualifying as a dependent under the qualifying relative criteria

2014-02-28 Called Municipal Bonds:

Martin,    Thanks for your question.    Assuming that the bonds are not tax free bonds, you can take the gain and the loss on each respective bond.     If one or both is a tax free bond, you have a taxable

2014-02-28 Unreimbursed employee expense:

Gary,    Thanks for your question.    That is correct.  Compute your unreimbursed expenses and enter them on Form 2106.  Carry that amount to line 21 of Schedule A.  You will only be able to deduct those


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