CORRECTING and REPLACING Menke & Associates Announcement: ESOPs Offer Tax Breaks for Privately-held Businesses.Business Editors CORRECTION...by Menke & Associates SAN FRANCISCO--(BUSINESS WIRE)--May 14, 2004 In BW5400 issued April 29, 2004: Contact info for Menke & Associates, Jeanie Kluga should read 800-347-8357 (sted 800-347-8377) The corrected release reads: MENKE & ASSOCIATES ANNOUNCEMENT: ESOPS OFFER TAX BREAKS FOR PRIVATELY-HELD BUSINESSES Most Business Owners Remain Unaware of the Considerable Cash Savings Provided by an Employee Stock Ownership Plan ("ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). ") Significant tax reductions and cash flow savings are now available to many privately-held businesses in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. as a result of recent changes in the tax law. Unfortunately, these businesses are not aware of the benefits available to them. Menke & Associates, Inc. has announced a new webcast that will blueprint the steps a business needs to take to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these tax breaks. Open to any business owner, financial manager or financial consultant, this complimentary webcast entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "The ABCs of ESOP Plans" will take place on May 18, 2004 at 12:00 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . An Employee Stock Ownership Plan ("ESOP") is a pre-tax stock ownership plan that is specifically sanctioned by Congress as a tool of corporate finance. What many owners and managers do not realize is that an ESOP can also be a highly efficient way to increase corporate cash flow, increase employee productivity and reduce corporate taxes. "Many owners are still not aware that Congress has created a special tax incentive to encourage sales of stock to ESOPs," said John Menke, President/CEO of Menke & Associates. "If a company is an S corporation and becomes 100% owned by an ESOP, all of that company's earnings will be entirely exempt from federal and state income taxes." ESOPs have a number of other tax and financial advantages. ESOPs are the only type of benefit plan that truly align the interests of employees with the interests of shareholders. If properly implemented and communicated, an ESOP can have a very positive impact on employee productivity, and can greatly reduce employee absenteeism ab·sen·tee·ism n. 1. Habitual failure to appear, especially for work or other regular duty. 2. The rate of occurrence of habitual absence from work or duty. and turnover. It can also be used to help attract and retain key employees. The webcast is designed for company owners and financial officers to demonstrate how they can take advantage of these significant benefits, whether they are a C corporation or an S corporation. To register for this complimentary webcast (5/18/04), interested participants can go to http://www.presentationselect.com/menke. About Menke & Associates, Inc. Menke & Associates, Inc. is the largest and most active firm in the country in the design and installation of ESOPs. Since 1974, Menke & Associates has designed and installed over 2,000 ESOPs for privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. throughout the nation. Menke & Associates has offices located in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Wilmington DE, Atlanta, Chicago, Portland and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . Menke & Associates can be reached by calling at 1-800-347-8357 or visiting www.menke.com. |
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