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Welcome to www.ESOP.US Posted by esopwebmaster
(86)
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| 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 Digital Dominion Law and Business Network provides primarily user generated content contributed by readers or reprinted from public domain sources. Each website of the Digital Dominion Law and Business Network is a "Web 2.0" website which provide multiple opportunities for registered user contribution, discussion, and sharing on featured topics. Watch this site and other websites of the Digital Dominion Network as we roll out new features. Register as a user and take advantage of the opportunity we offer to promote your business, share information, news and announcements of your group or organization, interact with fellow professionals or businesses who share your interest in Virginia Corporation via the internet, and keep abreast of current ESOP law and developments.
The first step to use our features and the features of other member websites of the Digital Dominion Law and Business Network is to register as a user on our sites. Then, as you explore ESOP.US let us know what feature or news you want to share. Upon verification, we can give you privileges to input and post your news instantly.
Experts and professionals in a given topic may list themselves via our various "Experts Directories" and receive free promotion via banners ads, links and the ability to post news and announcements.
Contributing writers may even profit by contributing content as qualifying contributors can earn financial rewards via Google Adsense or banner ad sales from clicks by visitors to the news, announcement and content you supply.
ESOP.US is what is known as a "Web 2.0" website - i.e. a feature that is composed of contributions by those who view and participate in the site. Anyone can participate. In order to post, you must be a registered user of the website. Posting is subject to our Terms of Use as linked from the bottom of our Home Page. By posting, you adopt and agree to our Terms of Use and News and policies applicable to various features as a binding legal agreement. These include (i) a representation by you that the post is accurate, does not contain any copyright content of any third party unless you have the right to post it, (ii) a prohibition against any posting that is slanderous, illegal, containing "hate" material," (material expressing racial, religious, sexual orientation or other bigotry) or known to you to be untrue, (iii) a representation by you that if posting on behalf of an organization or other person, that you have the right to make such posting, (iv) an acknowledgment by you are aware that the information provided on this website is general and nature and does not take into account any facts or circumstances that may be unique to your personal situation or circumstances, (v) an acknowledgment and agreement by you that no duty of confidentiality arises or exist with respect to any information submitted to ESOP.US or any other website in the Digital Dominion Law and Business Network whether by E-mail, posting, or otherwise, and (vi) an acknowledgment and agreement by you that to the extent that by use of this website or any other website in the Digital Dominion Law and Business Network, you engage in a communicative dialogue with any licensed professional attorney, accountant, financial adviser or otherwise, no client relationship of any kind or nature shall arise or exists and no such professional who post information or otherwise responds to you through or by means of ESOP.US or any other website in the Digital Dominion Law and Business Network shall have any obligation, duty or liability to you whatsoever unless you and such professional enter into a separate agreement. Violators of our Terms of Use are subject to loss of posting and/or website access privileges. If you observe any posting which violates our Terms of Use, please notify us via our contact link (on the Home Page) and report the abuse and we will endeavor to promptly investigate and remove if appropriate.
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[151]
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 plan," 403, "Establishment of trust," 404, "Fiduciary duties," 405, "Liability for breach of co-fiduciary," 406, "Prohibited Transactions," 407, "10 percent limitation with respect to acquisition and holding of employer securities and employer real property by certain plans," 409, "Liability for breach...
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[140]
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 into account synthetic equity. During a nonallocation year, disqualified persons may not accrue or be allocated any portion of plan assets consisting of employer securities. Such prohibited transactions in a nonallocation year are treated as deemed distributions from the plan. In addition, upon the...
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[76]
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 herself, family members, and others for her personal expenses. She also admitted to tax evasion based on her failure to report the embezzled money as income and to pay taxes on the money. She was ordered to turn over to the Voorwood Company, in partial satisfaction of her restitution obligation,...
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[67]
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 plans are also affected by these adjustments. The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) reset many of the statutory dollar amounts previously adjusted on an annual basis under section 415 of the Internal Revenue Code. Additionally, other new
limitation amounts were...
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[53]
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). The full text of the legislation is available in the downloads area of this web site.
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[51]
Senator Blanche Lincoln Introduces ESOP Legislation
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.
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