OUR SERVICE
At Prince Hansen Group, PLLC, we work side-by-side with our clients and tailor our services to fit their specific needs. ESOP Salt Lake City. We combine personal attention and access with the highest levels of technical expertise and specialized knowledge. Timely communication and responsiveness are hallmarks of our client relationships. All of these attributes support our objective of helping you reach your financial goals.
We pursue excellence by staying on top of current developments and technologies. We stay abreast of industry issues and observe the marketplace so we can analyze provide service and advice tailored to your specific needs and goals. We use our experience and resources to develop industry insights and specialized skills that allow us to bring maximum value to your projects. Together all of these factors allow us deliver superior service and act as a trusted business adviser.
A detailed listing of the services we provide is set out below. Take a look at what we have to offer and how we can help you or your business.
Employee Stock Ownership Plans (ESOPs)
ESOP Salt Lake City
An Employee Stock Ownership Plan (ESOP) in the United States is a defined contribution plan, a form of retirement plan as defined by 4975(e)(7)of IRS codes, which became a qualified retirement plan in 1974. It is one of the methods of employee participation in corporate ownership.
Benefits Plan services – Our Firm can help your business weigh the complex benefits and costs posed by today’s qualified and non qualified pension and profit sharing plans, including 401k, SEP, SEP IRA, Keogh, Life Insurance, ESOP and Health Insurance Plans.
Employee benefits play an important role in the lives of employees and as a talent retention and recruitment tool for employers. Unfortunately, in today’s landscape designing the right benefits package can be both complex administratively and costly to your business. There are many issues to consider from tax and legal considerations, funding of plans and finding the right administrators to work with.
We can help design or review your existing plans not only for compliance, but also to assist you in better understanding your workforce, the advantages and deficiencies of your current employee benefit plans and to analyze the marketplace to uncover the best fit for your objectives and employees.
Designing the right benefits package for your business means you need someone who can help you navigate all the type of employee benefits including, but not limited to:
- Health insurance, including Health Savings Accounts and assessing the feasibility of Self-Insurance
- Disability insurance; both long and short-term
- Life insurance
- ESOP Salt Lake City
- Retirement plan
- Flexible compensation (cafeteria plans)
- Sick and emergency leave
- Compassionate leave (funeral, family illness)
- Education/training
- Parental (formerly maternity) leave
- IRS Definitions
Benefit Plan Auditing Our firm also provides benefit plan auditing services as well. 401(k), Pension, 403(b) and other Health and welfare plans are governed by constantly evolving rules and regulations from Congress, the IRS, DOL, and ERISA. These audits are complex, but we have years of experience and we will guide you through the audit process. Specifically, we can help you to determine if you are required to have a plan audit and if so, the the requirements for your plan, to work with third-party administrators and to filing Form 5500s as necessary.
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child’s college tuition, and your mortgage or credit card calculations.
ESOP Pros and Cons
Employee stock ownership plans (ESOPs) have many advantages, but they are not right for every company in every situation. Below we discuss many ESOP pros and cons, including “cons” that are bogus. Most of this is adapted from NCEO founder Corey Rosen’s introductory chapter in Selling to an ESOP and Financing the Deal, 12th Ed. and his classic essay Twelve Bogus Reasons Not to Do an ESOP.
In 2020, the most recent year for which data is available, 225 new ESOPs were created, covering 41,154 participants.
In total, there are approximately 6,467 ESOPs in the United States, holding total assets of over $1.6 trillion. The number of unique companies with an ESOP is approximately 6,232 (a company may sponsor multiple plans).
There are several ways through which employees can become the owners of their company, but the ESOP is the main source of employee ownership in the U.S. This is how it works.
In the U.S., the main form of ongoing employee ownership is the employee stock ownership plan (ESOP). An ESOP is a type of employee benefit plan that acquires company stock and holds it in accounts for employees. Many people have misconceptions about ESOPs, thinking, for example, that employees buy the stock or that an ESOP works like an equity compensation plan. The illustration below shows how an ESOP works in a typical case, where it is used to buy out the owner. There also are many ESOPs in public companies, where they often are a component of a 401(k) plan and a minor component of overall ownership, but the explanation here shows an ESOP in its most characteristic form.
Areas of Service:
ESOP Salt Lake City, CPA Salt Lake City, Tax Preparation Salt Lake City, Accountant Salt Lake City, Business Consulting Salt Lake City, Business Valuation Salt Lake City, Wealth Management Salt Lake City, Bookkeeping Salt Lake City, Payroll Salt Lake City, Virtual CFO Salt Lake City, International Tax Salt Lake City, Audit Salt Lake City, ESOP Salt Lake City, 401k Salt Lake City, Estate Planning Salt Lake City, Estate Tax Salt Lake City, IRS Representative Salt Lake City, IRS Problem Resolution Salt Lake City, IRS Letter Salt Lake City, Mergers & Acquisitions Salt Lake City, Retirement Planning Salt Lake City, Technology Consultant Salt Lake City