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Corporate counsel to new, emerging and established enterprises in North Carolina and Nationwide

EXECUTIVE & DEFERRED COMPENSATION

True compensation is measured not by what one makes, but by what one keeps. Typically, compensation, interest, dividends, sale proceeds, etc. are taxed as soon as these are earned. However, by means of “qualified” and “non-qualified” deferred compensation plans, taxation of certain invested wages, as well as earnings on these amounts, may be postponed until funds are actually received, either upon retirement or other occasion. Likewise, our tax laws provide that a variety of benefits furnished by an employer to an employee, including group term insurance and medical care plans, are not subject to taxation.

The ability to obtain essential services and build investment capital with pre-tax dollars can have a profound positive impact upon the ultimate size of an employee’s investment portfolio.

In structuring a compensation and benefits plan, our firm realistically analyzes those tax incentives which are potentially available to a business, its owners, executives and employees. The devices which best combine tax savings, utility to executive and staff employees, flexibility and economic growth are integrated into a comprehensive benefit and compensation plan.
The ability to obtain essential services and build investment capital with pre-tax dollars can have a profound positive impact upon the ultimate size of an employee’s investment portfolio. As such, the well considered and implemented compensation and benefit plan can be the cornerstone of employee morale, security and efficiency and can contribute significantly to the success of the business enterprise.

For more information concerning our executive & deferred compensation services, please contact us at 717-215-9703 or use the form on our Contact page.

Hedger & Hedger, 115 Country Club Drive, Hertford, NC 27944
717-215-9703

THE CORPORATE TRANSPARENCY ACT IS HERE!

In 2021 Congress enacted the Corporate Transparency Act (CTA) which became effective on January 1, 2024. The CTA is intended to protect national security by combatting the use of “shell” companies to commit money laundering, tax evasion, fraud, corruption, terrorism and other illegal activities.

To this end, the CTA requires that most small businesses formed by filing organizational documents with government agencies (“reporting companies”) file Beneficial Ownership Information Reports (BOIRs) with the Financial Crimes Enforcement Network (FinCEN).

Reporting companies may include business corporations, professional corporations (PCs), limited liability companies (LLCs), limited partnerships (LPs), limited liability partnerships (LLPs) and other entities formed pursuant to filings with a secretary of state or similar office. Sole proprietorships and general partnerships are among the entities exempt from compliance with the CTA.

Reporting companies formed prior to 2024 have until January 1, 2025 to file their BOIR with FinCEN. Reporting companies formed in 2024 have 90 days from their date of formation to file their BOIR. Reporting companies formed after 2024 will have 30 days from their date of formation to file their BOIR.

Noncompliance with the CTA can result in civil penalties of up to $500 per day and criminal penalties of $10,000 and/or 2 years in jail.

A company can learn on this site, without charge, whether it is a “reporting company” and subject to the filing requirements of the CTA. Simply answer the few questions below and the company’s “reporting company” status will appear.