Business Services Industry
Tracking tax basis in an S Corp. ESOP.(employee stock ownership plans)
Tax Adviser, The, September, 2007 by Osterhaven, Matthew C.; Rempalski, Kristy L.
Employee stock ownership plans (ESOPs) currently cover 10 million employees in the U.S. participating in approximately 11,000 plans, according to the ESOP Association. With the number of plans expected to increase, the need for tax accounting and recordkeeping for ESOPs is becoming more prevalent and complex. Although much has been written about the general workings of these plans, the tax benefits to the company, and the potential for increased employee loyalty by implementing an ESOP, this item focuses on another ESOP issue: how to track the employee's tax basis in his or her ESOP stock.
A participating employee in an ESOP receives company stock as an employee benefit, which he or she accumulates over time and which serves as a form of retirement savings. An...
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