BW INSIGHTS

CTA Update: 5th Circuit Poised to Issue Decision; Congress Likely to Weigh-In

By Brennan R. Block & Ellen M. Hames | 12.19.2024
As our previous blog highlighted, numerous small businesses were relieved of their quickly approaching New Years Day deadline to submit beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) when a federal district court in Texas issued a nationwide... Read More

ESOP SELLER PERSPECTIVES – BENEFITS OF SELLING TO AN ESOP

By Drew D. Larson & Cynthia Boyle Lande | 12.09.2024
Selling a business is a monumental decision for any owner. It’s not just a financial transaction; it involves the legacy, the workforce, the community, culture, and the future of the enterprise. One increasingly popular method of transitioning ownership is through an Employee Stock Ownership Plan (ESOP). This approach has numerous advantages for... Read More

U.S. District Court Temporarily Enjoins Enforcement of the Corporate Transparency Act (CTA)

By Brennan R. Block & Ellen M. Hames | 12.04.2024
On December 3, 2024, the U.S. District Court for the Eastern District of Texas, in the case of Texas Top Cop Shop, Inc. et al. vs. Garland (U.S. Attorney General), granted a nationwide preliminary injunction that temporarily enjoins or prohibits the United States federal government from enforcing the Corporate Transparency Act (the “CTA”). For... Read More

Texas Federal Court Strikes Down Biden Administration’s Overtime Rule Raising Salary Threshold for While Collar Exemptions

By Danielle Smid | 11.18.2024
According to a Texas Federal Judge on Friday, the United States Department of Labor lacked authority to raise the salary threshold for the Fair Labor Standards Act white collar overtime exemptions. The Court’s ruling strikes down on a nationwide basis the Biden Administration rule that has been in effect since July. The Court rules that each of... Read More

How A Trump Second Term Will Affect the National Labor Relations Board and the Equal Employment Opportunity Commission

By John R. Watson | 11.14.2024
With a change of administration employers can expect shifting policies. For a second Trump term, employers can likely expect similar policies as to the first Trump administration. A Republican president typically means that the National Labor Relations Board (NLRB) will ease up on prosecuting employers for alleged labor violations and shift... Read More

SECTION 1202 GAIN EXCLUSION IN SALES TO ESOPS

By Drew D. Larson & Cynthia Boyle Lande | 11.11.2024
ESOPs provide many tax advantages for both sellers and the ESOP-owned company. In addition to all of the ESOP-specific benefits, sales to ESOPs can also potentially qualify for gain exclusion under Section 1202 of the Internal Revenue Code. Benefits of Section 1202 Section 1202 provides significant tax benefits for sellers of qualified small... Read More

That’ll Work! Or, Will It? The Tricky Nature of Trademark Specimens of Use!

By Christopher Proskey | 10.30.2024
Anyone can file a trademark whether the mark is being used or not. However, a trademark will only be “Registered” after proof of use is submitted to the USPTO through what is called a “Specimen of Use”. A Specimen of Use is exactly that, an example that is submitted to the USPTO showing how the trademark is actually being used in commerce. Sounds... Read More

Navigating ESOP Distributions: Method, Form, and Policy

By Cynthia Boyle Lande, Drew D. Larson & Sarah E. Herz | 10.22.2024
Understanding ESOP (Employee Stock Ownership Plan) distribution requirements are crucial for compliant operation of your ESOP and managing distribution and repurchase obligations. ESOP plan designs and distribution terms can vary significantly, but all ESOPs are subject to the Employee Retirement Income Security Act (ERISA) and tax rules. In this... Read More

Government Relations Update - October 17, 2024 REC Summary

By Matthew H. McKinney, R.G. Schwarm & Julie A. Smith | 10.18.2024
The Revenue Estimating Conference (“REC”) met Thursday (10.17.24) as part of their standard schedule of meetings to estimate future state revenues. REC members Kraig Paulsen (Gov.’s Appointee), Jennifer Acton (LSA), and Jeff Plagge (Public Member) serve on the three-member panel. A summary of the information discussed during the meeting is below,... Read More

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