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MINISTRY TAXATION

Tax Issues Affecting Ministries

Compensation in the Ministry - As mandated by the Internal Revenue Service, compensation and benefits must be within acceptable limits or intermediate sanctions with monetary penalties can be invoked.  Stanfield & O’Dell can provide a compensation study, reviewing existing fringe benefits within your ministry as well as competitive information in the region.  We can help maintain your tax-exempt status.

Pension and Employee Benefit Plans - A challenge for any ministry large or small is employing and maintaining capable and dedicated staff.  Providing employees with inspiring opportunities and financial rewards is a fundamental element in the success of a ministerial organization.  Further, it is critical to your success and growth that you re-evaluate programs to ensure employees and families are offered the most comprehensive program possible, and that these plans deliver tax savings to the organization.  Our Firm can assist in these assessments and deliver comprehensive solutions for management review.

Choosing which pension plan to offer, determining the cost sharing and analyzing the results can be formidable.  Stanfield & O’Dell is frequently asked to evaluate and participate in this decision.

Stanfield & O’Dell is experienced in 403(b) annuity plans, 457 plans, profit sharing plans, 401(k) plans and IRAs.  Cafeteria plans, tuition reduction plans, short and long-term disability plans and life insurance provide additional benefits for employees.  Stanfield & O’Dell can help you analyze the costs and benefits of each option, and present them to you with our recommendations.

Endowment, Gifts and Trusts - Stanfield & O’Dell is experienced in estate planning and tax planning techniques such as charitable remainder trusts, charitable lead trusts and testamentary trusts, along with more basic charitable giving techniques.