ESOPs and Succession Planning: Tax Strategies, Implementation Steps, and Legal Considerations for Business Owners and Advisors
The enactment of the 2023 Omnibus Bill, a comprehensive spending bill funding the federal government for the fiscal year 2023, is presenting a huge advantage for Employee Stock Ownership Plan (ESOP). The Omnibus Bill enumerates several provisions aimed at educating businesses and workers and providing clarity and transparency in creating and administering an ESOP. While ESOP is a powerful tool for business succession, especially for startups, and as more and more turn to ESOP as a viable corporate finance technique, it is crucial to understand its pros and cons and be up to date with regulatory developments to avoid potential pitfalls.
Listen as experienced employee benefits lawyers David R. Johanson (Hawkins Parnell & Young LLP) and Michelle Buckley, CPA, AIFA (Meaden & Moore) provide a dynamic discussion of the key developments and significant issues surrounding ESOP, succession planning, and their tax implications. The esteemed speakers will provide an in-depth analysis of their benefits and share insights into what makes for a valuable investment in ESOP.
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Senior Partner and Partner-in-Charge, at NAPA Hawkins Parnell & Young LLP
David assists clients in general corporate matters and in employee ownership, benefit, ERISA, and related business matters, with an emphasis on executive compensation, equity incentive plans, non-qualified deferred compensation, employee stock ownership plans (ESOPs), ESOP transactions, mergers and acquisitions (and related tax planning), and business succession and estate planning. David has served as outside general counsel to numerous corporate clients over the past 38 years. He also frequently appears on behalf of clients in business and employment-oriented defense litigation in state and federal courts throughout the country, and before regulatory agencies (e.g., U.S. Department of Labor, Internal Revenue Service, etc.).
Vice President and Practice Leader in Employee Benefits at Meaden & Moore
Michelle is a Vice President in Meaden & Moore’s Assurance Services Group with over 30 years of public accounting experience serving middle market companies focused on manufacturing, distribution and service industries. Michelle maintains close contact with clients to develop long-term relationships and earn their confidence. As a practice leader of the firm’s employee benefits and consulting practice, Michelle has had extensive experience with qualified benefit plan audits, operational reviews, tax issues and the unique complexities of these engagements. She understands the risks to plan sponsors and continuously offers suggestions for improvement to minimize any potential fiduciary liability.As an Accredited Investment Fiduciary Analyst TM (AIFA®), Michelle also assists in consulting retirement plan sponsors in fiduciary best practices.
