An Employee Stock Ownership Plan (“ESOP”) has become a popular tool for succession planning and tax structuring, especially for S corporations. As more business owners look to retire and wish to avoid selling their life’s...more
If your organization sponsors a 403(b) retirement plan, there’s a crucial Internal Revenue Service (IRS) deadline you can’t afford to ignore. The IRS has announced a plan restatement deadline for 403(b) plans....more
While the Patient-Centered Outcomes Research Initiative (“PCORI”) fee was updated at the turn of the year, the fee is not actually paid until July. For those of you that forgot about the fee, this is your reminder to start...more
If you have equity as part of your retirement or executive compensation plans, you likely need a 409A valuation. The need for a valuation also applies if you are preparing to issue equity (equity grants or stock options) or...more
2/19/2025
/ Corporate Governance ,
Deferred Compensation ,
Employee Benefits ,
Fair Market Value ,
Internal Revenue Code (IRC) ,
IRS ,
Penalties ,
Section 409A ,
Tax Code ,
Tax Planning ,
Valuation
If you are 73 or older, remember to take your Required Minimum Distributions from any retirement plan or IRA you may have. As discussed in prior blog posts, Required Minimum Distributions (“RMDs”) are taxable amounts that...more
Effective January 1, 2025, Kentucky has new law regulating pharmacy benefit managers (“PBMs”). Earlier this year, the Governor of Kentucky signed SB 188 into law, making Kentucky the latest state to pass legislation...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) made numerous changes to the complex web that makes up U.S. retirement plan laws. Of interest to S corporations that may be considering an employee stock ownership plan (“ESOP”) is...more
Last month, the IRS released the 2025 cost-of-living adjusted limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs). The IRS requires that in order to contribute to an HSA, an individual must be...more
If you were born before 1951, remember that you must take your required minimum distributions (RMDs) from funds held in individual retirement arrangements (IRAs) and other retirement plans before the end of the year. ...more
Last week, the IRS announced it was increasing enforcement strategies aimed at Employee Stock Ownership Plans “ESOPs”. The IRS stated this new focus on ESOPs is part of the effort to ensure tax laws are applied fairly and...more
Last month the Sixth Circuit Court of Appeals upheld a lower court ruling that a company’s benefits committee did not properly delegate decision-making authority to its benefits department....more
If you sponsor a self-insured group health plan (including an HRA), make sure you set a calendar alert for July 31 to pay the annual PCORI fee (Patient-Centered Outcomes Research Institute fee) for the 2022 plan year. The...more
If you are not offering a supplemental executive retirement plan (“SERP”) to your officers and executives, you likely have to answer “no” to the above. Since a SERP is designed to supplement other retirement benefits offered...more