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Published Date

Posted November 09, 2024

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Education

Employee Compensation and IRS Compliance

1-Hour Consultation

Remote

Project PEARLS USA, INC.

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Request for Review of Updated Employment Agreement for IRS Compliance

As the Executive Director of Project PEARLS USA, my annual gross income for the last three years has been $75,000. Starting in 2025, the following changes will apply to my compensation structure:

Annual Salary (Post-401(k) Deferral):

The annual taxable salary will be $15,000, paid biweekly. This amount reflects a $7,000 annual deferral to the 401(k) plan and a $3,000 FSA contribution, plus the non-taxable housing allowance.

Housing Allowance:

A non-taxable annual housing allowance of $50,000 will be provided to support my required presence in Hawaii.
Could you please review this updated employment agreement to ensure it meets all IRS requirements for compliance, particularly regarding the non-taxable housing allowance and salary structure? Additionally, I would appreciate guidance on any necessary adjustments for Project PEARLS’ filing to maintain IRS compliance for our 501(c)(3) status.

Thank you for your expertise in this matter. I can send the Employment Agreement file for your review.

Best regards,
Melissa Villa

Project PEARLS USA, INC.

Location

San Francisco, CA

Website

https://www.projectpearls.org

Member Since

Jan 2022

Completed Taproot Plus Partnerships

Organization Mission

Our Vision A world where NO child at no time, should go hungry! No child should be hungry for nutrition, education, shelter, medical services, and opportunities to achieve their full potential. Our Mission To help the poorest of the poor children to have a better life by giving them PEARLS: Peace, Education, Aspiration, Respect, Love and Smiles through education, empowerment, nutrition, nourishment, and healthcare.

Program Focus Areas

Child & Teenage Education

Hunger

Low-Income Communities

Nutrition

Secondary Education

Women's Rights

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