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Recent Articles, News & Announcements

Senator Blanche Lincoln Introduces ESOP Legislation Posted by esopwebmaster (2009/8/12)

Senator Blanche Lincoln (D, Arkansas) introduced proposed legislation, named the "Employee Stock Ownership Plan Promotion and Improvement Act of 2009"in the Senate on August 6, 2009. The bill, Senate Bill S 1612, is cosponsored by Sen. Mary Landrieu (D, La.). A copy of the bill is available in the Downloads portion of this website.

The bill would (i) remove the 10% excise tax on S corporation dividends passed thru to ESOP participants, (ii) permit the investment of IRC 1042 rollover proceeds in most mutual funds, and (iii) and enable a "small Business" that becomes a 50% or more ESOP owned business to retain small business status.

[2009/12/22] IRS Final Sec. 108 Regulations Apply to Losses allocable to ESOP Shareholder
The IRS issued final regulations regarding Section 108 - Reduction of Tax Attributes for S Corporations, and the IRS preamble to the final regulations confirms that disallowed losses and deductions under section 1366(d)(1) of a shareholder that is an employee stock ownership plan (ESOP) are included in the S corporation’s deemed NOL. The IRS stated position is that Section 108(d)(7)(B) provides that any loss or deduction that is disallowed for the taxable year of the discharge under section...
[2009/12/22] Rep. Ron Kind Introduces "S Corporation ESOP Promotion and Expansion Act of 2009 "
Representative Ron Kind has introduced the "S Corporation ESOP Promotion and Expansion Act of 2009" as HR 3586, a bill to "amend the Internal Revenue Code of 1986 to expand the availability of employee stock ownership plans in S corporations, and for other purposes." The bill would expand IRC section 1042 to include S Corporation stock and would provide financial institutions a 50% deduction for interest income on securities acquisition loans (loans to permit an ESOP to acquire company stock)....
[2009/10/20] COLA Increases for Dollar Limitations on Benefits and Contributions -
IR-2009-94, Oct. 15, 2009 - The Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2010.

Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. In addition, section 415 requires the Commissioner to annually adjust these limits for cost-of-living increases. Other limitations applicable to deferred
compensation...
[2009/10/20] Past President and CFO of California Company Sentenced to Prison for Embezzlement and Tax Evasion
On November 3, 2008, in Sacramento, Calif., Peggy Kaye Witts, of Redding, Calif., was sentenced to 46 months in prison and ordered to pay $824,333 in restitution to the Voorwood Company and $199,858 to the Internal Revenue Service (IRS) for federal wire fraud and tax evasion. Witts pleaded guilty in July 2008 admitting that, as Voorwood’s president, she engaged in a scheme to defraud the company by issuing duplicate paychecks to herself for more than four years and by issuing company checks to...
[2009/8/12] Welcome to www.ESOP.US
Welcome to ESOP.US - the "Web 2.0" website providing a legal and business resource for businesses, attorneys, accountants, entrepreneurs, bankers and others with an interest in employee stock ownership plans or "ESOPs." This web site is brought to you as part of the Digital Dominion Network's Law and Business Network. This website is primarily focused upon serving users with an interest in the employee stock ownership plans which are qualified plans under the US Internal revenue Code. The...
[2009/5/4] Sample Plan Language - Transfer of an ESOP’s S Corporation Shares to Prevent a Nonallocation Year
employee plans news
Volume 9 - Spring 2009

The IRS has posted sample plan language for ESOPs, which revises the language released in the July 1, 2008 Special Edition of Employee Plans News. The language may serve as part of a comprehensive set of plan provisions designed to prevent the occurrence of a nonallocation year.
An 1120S corporation ESOP has a nonallocation year when disqualified persons are deemed to own 50% of the outstanding stock of the S corporation, taking...
[2009/4/30] ESOP.US launches ESOP Connections - Networking for the ESOP Community
April 30, 2009
ESOP.US launches ESOP Connections - Networking for the ESOP Community

ESOP.US, the website for the ESOP community is pleased to announce the launch of “ESOP Connections.” ESOP Connections is an online business and social networking service for the ESOP community that functions in a manner similar to other popular internet social networking services such as My Space, Face Book, and Linked-in, but with a specific focus upon the ESOP Community – Companies with...
[2009/4/20] Fiduciary Investigations Program
The United States Department of Labor
Employee Benefits Security Administration
Fiduciary Investigations Program

1. Statutory Requirements. The Employee Retirement Income Security Act (ERISA) expressly confers upon the Secretary direct responsibility and authority to investigate fiduciary violations of Title I of ERISA. In accordance with that authority, Program 48 will be used to investigate violations involving ERISA, Title I, part 4, sections 402, "Establishment of...
[2009/4/20] NCEO/Beyster Institute 2009 Employee Ownership Conference
The 2009 Employee Ownership Conference, presented by the NCEO and the Beyster Institute, will take place in Portland, Oregon, on April 22-24, 2009 at the Hilton Portland and Executive Towers. We hope to see you there!

What to Expect: The conference provides learning and networking opportunities plus the flexibility to choose sessions from a wide range of subjects and levels of complexity. Daily general sessions draw attendees together for informative and inspiring updates on the...