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Category Archives: ESOP
ESOP/KSOP Determination Letter Backlog Here to Stay (for now)
I was fortunate to attend the IRS phone forum on ESOP determination letters last Friday. The webinar was very good. The IRS addressed a number of outstanding issues, and provided some handy tips. First, the IRS acknowledged that there is … Continue reading
Posted in Determination Letters, ESOP, IRS
Tagged ESOP, IRS, Plan Documents, Rev. Proc. 2011-49
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Free ERPA CPE from the IRS on Oct. 28, 2011
On Friday, Oct. 28, 2011, at 2pm ET, the IRS is hosting a free phone forum on Determination Letter Issues Regarding Employee Stock Ownership Plans. The phone forum will focus on technical issues affecting ESOPs and recurring issues noted in … Continue reading
ESOP Style Over Substance Loses in Tax Court
“These transactions lacked economic substance and economic purpose and were entered into for the primary purpose of obtaining tax benefits.” In Weekend Warrior Trailers, Inc., et al. v. Commissioner, T.C. Memo 2011-105 (May 19, 2011), the U.S. Tax Court addressed … Continue reading
IRS Schedules Hearing on Proposed Regs on ESOPs
The IRS has scheduled a hearing on the Proposed Regulations affecting Employee Stock Purchase Plans Under Internal Revenue Code section 423 for Thursday, January 15, 2009, at 10am (also known as the Thursday before the Inauguration). Originally issued on July … Continue reading
Posted in ESOP
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Employees File Lawsuit Over Tribune ESOP
When the Tribune Company was purchased by Samuel Zell by utlizing an ESOP, one question was how long would it take before the litigation began. Today, that question was answered when a group of current and former employees filed suit … Continue reading
Posted in ESOP, Industry News
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IRS Issues Sample Plan Language for Transfer for ESOP’s S Corp Shares to Prevent Nonallocation Year
In a Special Edition of Employee Plan News, dated July 1, 2008, the IRS provides some guidance on sample language under Code section 409(p) for the Transfer of an ESOP’s S Corporation Shares. This plan language is designed to prevent … Continue reading
Posted in ESOP, IRS
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State of Florida to Buy US Sugar While US Sugar ESOP Litigation Continues
In a fascinating and completely unexpected twist to the U.S. Sugar ESOP class action lawsuit, the governor of Florida today announced that the State of Florida will buy U.S. Sugar for $1.75 billion. With the purchase, Florida will gain control … Continue reading
Posted in ESOP, Litigation
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IRS Changes Reporting of ESOP Distributions on Form 1099-R
The IRS released Announcement 2008-56 today. In the short 2-page announcement, the IRS states that it will require dividends on employer securities that are distributed from an employee stock ownership plan (ESOP) under Code section 404(k) to be reported on … Continue reading
Posted in ESOP, IRS
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ESOP not Sweet as Candy for Participants in U.S. Sugar ESOP
As the lawsuit against the U.S. Sugar ESOP proceeds in U.S. District Court for the Southern District of Florida, it continues to fascinate. Today, the International Herald Tribune is reporting that the company has announced employees owning shares through the … Continue reading
Posted in ESOP, Litigation
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8 Questions to Ask When Reviewing ESOP Plan Documents
Aaron Juckett over at The One-Stop ESOP Blog posts a great reminder about items to look at when reviewing ESOP plan documents. In ESOP Planning: Plan Documents and Disclosures, Aaron discusses 8 questions to ask when reviewing the plan documents, … Continue reading
Posted in ESOP, Plan Language
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