From stock options to profit-sharing plans, there are many ways to provide employees with an ownership interest in a company. However, the most common method is a type of tax-favored employee benefit plan known as an ESOP, or employee stock ownership plan. Currently, over 6,400 ESOPs exist in the U.S., covering an estimated 14.2 million
Now that the presidential election is just days away, what do we know about the leading candidates’ current tax plans? The top line takeaway is that former Vice President Joe Biden has pledged not to raise taxes on anyone earning less than $400,000, while President Trump has floated more tax cuts with few specifics. Trump’s
In 2020, businesses are looking for breaks, and small businesses in particular need all the help they can get. Fortunately, they may receive a little extra boost in the form of increased Section 179 deductions and 100% bonus depreciation on equipment purchases. Typically, businesses can deduct the full cost of supplies but must take depreciation
As the coronavirus crisis forced numerous businesses across the country to halt or reduce their operations, the federal government enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act in an effort to mitigate economic harm for individuals and businesses alike. Offering approximately $2 trillion in stimulus funding and tax relief, the CARES Act is
Businesses were quick to take advantage of provisions in the Coronavirus Aid, Relief and Economic Security (CARES) Act that provided immediate infusions of cash to cover payroll. Less attention has focused on other provisions offering tax relief to offset hits to income. One significant set of tax changes significantly loosened the rules for claiming deductions
New and significantly expanded tax credits offer small businesses incentives to launch and offer qualified retirement savings plans for employees. A majority of Americans lack the savings to retire comfortably; one quarter of adults have no pension or retirement savings at all, according to the Federal Reserve. With both public pension funds and Social Security