Census Basics and Ensuring Census Accuracy

The census is prepared by the plan sponsor on an annual basis and includes the social security number, name, date of birth, date of hire, number of hours worked during the year, date of termination (if applicable), yearly compensation (which needs to meet the definition of compensation in the plan document), employee contribution for the …

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Taxation of Corrective Distributions

As we enter January of every year, it is time to start thinking about personal income taxes. While this is not a favorite to many, there are many important tax reporting forms that individuals must be on the lookout for over the next coming months.  One of these is Form 1099-R – Distributions from Pensions, …

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Is Your Club or Association a Tax Exempt Entity? Part II

In my last blog post, I talked about a threshold level for the requirement of a tax exempt entity to file Form 1023, (Application for Recognition of Exemption under Section 501(c)(3)).  Here is some additional information about small social clubs and filing requirements. As you may recall from some of our previous blogs, the Form …

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Thinking About A Leveraged ESOP Transaction? Part II

With proper planning and execution, a leveraged ESOP can provide benefits to all parties of the transaction, including the company, the owners, the employees and lenders. The Company The most significant benefit for the company is the tax deduction for the contributions to the ESOP, which are essentially returned to the company and available to …

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