Podcast: Discussing and Demystifying the IRS News Release on ESOPs
(A)ESOP's Fables - The Income and Estate Tax-Free ESOP
Investment Management Update – Exit Strategies
ESOPs: A Path to Bank Independence
Welcome to Spring! We hope the new season finds you ready for the upcoming benefits changes that 2023 has in store. ...more
It is an open secret that many business owners, no matter how organized, regularly neglect an important task—developing their exit strategy. The right transition plan depends on the nature of the business and the...more
Mergers & Acquisitions And Paycheck Protection Program: Proceed With Caution - In Spring 2020, Congress adopted the CARES Act, which authorized $350 billion for the Paycheck Protection Program (“PPP”). With an additional...more
ERISA litigation tends to spike when economic uncertainty or turmoil rises. Although many things contribute to this historically verifiable trend, it is easiest for employers to think about just two of them. First, an...more
A 401(k) plan and its administrators are defending the administrator’s decision to require a special valuation of former employees’ account values, given extraordinary market changes due to the COVID-19 pandemic. Under the...more
Business is back . . . Sort of- As the country begins its hoped-for recovery from the disruptive economic effects of the COVID-19 virus – or, more accurately, from the measures implemented by government to contain the...more
We are getting a lot of questions regarding the amount of retirement contributions paid during the qualifying period for the forgiveness calculation, such as: •Will a contribution for the 2019 plan year count toward...more
A CARES Act provision offers some relief to employee stock ownership plans by allowing the suspension of required minimum distributions for 2020. In addition to providing individual stimulus payments and other...more
The SBA last week updated the previously issued interim final rules that were promulgated under the Paycheck Protection Program (the “PPP”), as enacted by the CARES Act (Pub. L. 116-136)....more
Increased PPP Funding - On Friday, April 24, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was amended to provide an additional $310 billion of funding for the Paycheck Protection Program (PPP),...more
On April 24, 2020, the U.S. President signed into law the Paycheck Protection Program and Health Care Enhancement Act (PPP Enhancement Act), which appropriates an additional $321 billion for the Paycheck Protection Program...more
ERISA lawsuits typically grow in numbers whenever there is an economic downturn. Though COVID-19’s financial impact is still unfolding, employer-sponsored employee-stock ownership plans (ESOPs) and the employers themselves...more
Many corporate clients that currently sponsor employee stock ownership plans (“ESOPs”) are addressing ESOP plan administration matters for the plan year ending December 31, 2019 (or another recent non-calendar plan year-end...more
It’s been a hectic three weeks of pretty much non-stop developments and activity, so I thought it might help to lay out a checklist of ESOP-related issues we’ve been discussing with many of you during the COVID-19 crisis. If...more
As the COVID-19 pandemic continues to unfold, many employers are faced with questions about the impact of economic changes and workforce reductions on their compensation and benefits arrangements. This alert is intended to...more
Opportunities Under the CARES Act for Employers, Including Those in the Hospitality Industry Retention Payroll Tax Credits, Delayed Payroll Taxes Special Loan Eligibility Rules for Employers in Accommodations and Food &...more
Coronavirus (COVID-19) raises serious concerns for employers of all shapes and sizes, across all industries and in every business sector. As the impact of COVID-19 continues to grow, many employers are faced with new...more
The spread of COVID-19 and the resulting economic downturn has caused employee stock ownership plan (ESOP) companies to question their annual stock valuations for purposes of ESOP participant distributions and...more