As a business owner, you have a variety of ways to transition ownership of your business when you're ready to retire or move on to a new adventure. Most business owners think of transitioning ownership to a family member or selling the company to a third party, but an often overlooked option is to sell the business to an employee stock ownership plan (ESOP).
Read MoreMany fringe benefits are taxable, but not all. And if you don’t include the value of taxable benefits in your employee’s income and withhold taxes, you could face IRS penalties. That’s why it’s crucial to understand the difference between taxable fringe benefits, non-taxable fringe benefits, and de minimis fringe benefits.
Read MoreS corporations can provide health insurance as tax-free employee fringe benefits to non-owner employees. However, if the company provides medical care coverage for shareholders, the premiums are considered taxable income to the shareholder.
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