Taxpayers can weatherize their homes before the end of the year and be rewarded for their efforts in two ways: They can cut their winter heating bills and lower their 2010 tax bills. The American Recovery and Reinvestment Act of 2009 expanded two home energy tax credits: 1. Nonbusiness Energy Property Credit This credit...
Read more →With the implementation of an Employee Stock Ownership Plan (“ESOP”), the company’s shareholders typically experience a liquidity event in selling their stock to an ESOP. Since this liquidity is back in the selling shareholder’s taxable estate, a business owner’s advisors typically incorporate estate planning techniques in connection with a sale of stock to an ESOP. On...
Read more →Planning to make charitable donations before year end? As Thanksgiving and the holidays approach, many people start thinking about making contributions and giving gifts. Americans are known for their charitable giving, plus of course, donations provide a tax break. But the tax laws that govern charitable deductions have changed in recent years. Americans donated...
Read more →Employee Stock Ownership Plans ("ESOPs") are ideal for many government contracting companies, but these benefits can be significantly enhanced when you combine an ESOP with a cost-plus government contractor. When the company is a government contractor with cost-plus contracts, the ESOP costs are reimbursable. On May 1, 2008, the Cost Accounting Standards...
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