BW INSIGHTS

ESOP SELLER PERSPECTIVES – UNDERSTANDING SECTION 1042 IN ESOP SALES

By Cynthia Boyle Lande & Drew D. Larson | 10.10.2024
Understanding Section 1042: A Tax-Efficient Strategy for ESOP Sales In the realm of Employee Stock Ownership Plans (ESOPs), Section 1042 of the Internal Revenue Code offers a significant tax advantage for business owners looking to sell their company to an ESOP. This provision allows for the deferral of capital gains taxes upon the sale of... Read More

DEATH, TAXES & TRADEMARK SCAMS!

By Christopher Proskey | 10.10.2024
As an Intellectual Property Attorney, there are three unavoidable forces in the universe: (1) Death, (2) Taxes, and (3) Trademark Scam Letters. An unfortunate reality today is that at least one Trademark Scam Letter follows virtually every trademark filing. For this reason, we tell all of our clients to be extra vigilant about these Trademark Scam... Read More

ERISA FIDUCIARY DUTIES AND CYBERSECURITY

By Caleb J. Brus & Cynthia Boyle Lande | 09.26.2024
The intersection of fiduciary duties under the Employee Retirement Income Security Act (“ERISA”) and cybersecurity has become increasingly prominent in our digital world. ERISA fiduciaries are responsible for managing retirement plans prudently and solely in the interest of participants and beneficiaries. As cyber threats grow, ensuring the... Read More

IRS Issues Guidance on Matching Contributions for Student Loan Payments

By Maggie Simonson Schild & Cynthia Boyle Lande | 09.16.2024
Background On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) to provide highly anticipated interim guidance on Section 110 of Secure 2.0 Act (“Secure 2.0”), which was enacted in 2022. Secure 2.0 amended the definition of matching contributions to allow an employer to make matching contributions beginning in 2024 to 401(k), 403(b),... Read More

Retiring from Chiropractic Practice

By Casey Alesch | 08.28.2024
Deciding when to retire can be difficult after building and sustaining a successful chiropractic practice. When the time comes to retire, chiropractors should be aware of the following requirements involving notifying patients, retaining records, and updating licenses. Notifying Patients The Iowa Administrative Code (IAC) requires that retiring... Read More

ESOP Seller Perspectives – The Employee and Community Benefits of ESOP Sales

By Cynthia Boyle Lande & Drew D. Larson | 08.21.2024
Selling a company to an Employee Stock Ownership Plan (ESOP) extends far beyond financial transactions—it fosters a symbiotic relationship between the business, its employees, and the surrounding community. The decision to sell to an ESOP brings forth a multitude of benefits that ripple through both the internal workforce and the broader... Read More

Texas Court Ruling on FTC Rule

By Kathryn A. Leidahl | 08.21.2024
On August 20, 2024, Judge Ada E. Brown for the Northern District of Texas issued a nationwide injunction barring the implementation of the Federal Trade Commission’s (FTC) regulation banning noncompete agreements. In April 2023, the FTC issued a final rule banning most new and existing noncompetes nationwide. Judge Brown’s ruling means the FTC ban... Read More

Two Critical Considerations for Employers Ahead of the FTC's Final Rule Effective Date

By Nicholas D. Ott | 08.14.2024
As the Federal Trade Commission's (FTC) final rule banning non-competes approaches its effective date of September 4, 2024, employers should begin preparing for its enforcement. Two key actions employers should consider now include: (1) initiating legal action for breaches of existing and enforceable non-competes, and (2) satisfying the final... Read More

ESOP Eligibility: Who’s In, and Who’s Out?

By Cynthia Boyle Lande & Drew D. Larson | 08.14.2024
Employee Stock Ownership Plans (ESOPs) offer unique opportunities for employees to become owners of their company and share in its success. Understanding the rules surrounding ESOP eligibility and properly determining which employees are eligible for participation are crucial for sponsoring employers. In this client update, we will outline the... Read More

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