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13 11, 2020

What is an Employee Stock Ownership Plan (ESOP) and How Does It Work?

By |2020-11-13T19:31:48-07:00November 13th, 2020|Categories: Financial Guides|Tags: |0 Comments

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

23 10, 2020

Updating the Biden and Trump Tax Plans

By |2020-11-13T19:33:02-07:00October 23rd, 2020|Categories: Financial Guides, Tax News, Tax Planning|Tags: , , , , |0 Comments

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

12 08, 2020

Section 179 Rules in 2020

By |2020-08-12T01:24:58-07:00August 12th, 2020|Categories: Tax News, Tax Planning|Tags: , , |0 Comments

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

29 05, 2020

The CARES Act’s Employee Retention Credit Offers Tax Relief for Businesses Impacted by COVID-19

By |2020-06-13T20:47:02-07:00May 29th, 2020|Categories: Tax News|Tags: , , |0 Comments

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

20 05, 2020

Turning Losses into Tax Gains under the CARES Act

By |2020-06-13T21:08:14-07:00May 20th, 2020|Categories: Tax News|Tags: , |0 Comments

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

14 05, 2020

Tax Credits Reward Businesses That Offer 401(k)

By |2020-06-13T21:23:52-07:00May 14th, 2020|Categories: IRAs, Tax News|Tags: , , , , |0 Comments

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

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