What makes an established business “bankable” as opposed to perpetually seeking investor capital? The standard suite of financials a bank looks for are pure data, such as the income statement, balance sheet, and AR-aging.  These are backward-looking, based on past performance.  However there are also a number of reports a client can create themselves that…

BLUE RIDGE ESOP ASSOCIATES ACQUIRES CROWE LLP ESOP BUSINESS Crowe Employee Stock Ownership Plan (ESOP) and certain tax-related 401(k) Plan services will transition to Blue Ridge CHICAGO (August 11, 2022) – Blue Ridge ESOP Associates, the nation’s largest independent ESOP administration and recordkeeping firm, announced today that it has acquired the ESOP services and certain…

Internal Revenue Code Section 401(a)(28) allows employees to diversify a portion of their stock once they meet certain eligibility requirements. There are specific age and service requirements outlined by the IRS to determine who is a Qualified Participant, however your plan may allow for rules that are less restrictive. Statutory Requirements:  Click here to continue…

When an employee terminates employment with the company due to a disability, his or her ESOP account may be subject to certain procedures and additional benefits. Before these procedures and benefits can be applied, it is important to understand how your ESOP Plan Document defines disability and whether or not the employee’s circumstance meets that…

This recorded webinar introduces ESOPs as an exit strategy for business owners contemplating a sale. Lavelle Law attorneys Steve Migala and David O’Leary describe the structure of an ESOP, when it makes sense for a corporation and its shareholders to consider an ESOP, its typical use cases, and an ESOP’s unique tax advantages for corporations…

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Governor Ned Lamont recently announced that, commencing on January 1, 2024, Connecticut’s minimum wage of $15.00 will increase to $15.69 an hour. This marks the state’s inaugural economic indicator-driven minimum wage increase. This adjustment is mandated by state law, Public Act 19-4.  Public Act 19-4 introduced a series of five incremental minimum wage hikes spanning…

One of the most common concerns I hear about retirement is the fear of being bored.  Given the weeks, months, and years ahead that need to be filled with something other than your job, it’s understandable.  To make matters worse, many of us know a relative or friend who was aimless and miserable in retirement….

Defining the role of a coach on your exit planning team doesn’t just happen. Like any other aspect of working with consultants, you need to set expectations upfront. Many advisors like to characterize themselves as the “quarterback” of a transition planning team. I’ve always objected to that. We regard the business owner as the quarterback…

Link to register.  Please indicate that Mark Gross invited you. https://zoom.us/webinar/register/WN_M3HItgtJRS2sCTy_bUWBvw Tuesday, December 5, 2023. 10-11:30 AM Central. Multiple attendees from one firm can attend but in order to receive CPE credits, each one needs to register separately and join on their own separate devices. Take a deep dive into the following topics. PADs. Partial…

  In Rev. Proc. 2023-29, recently issued by the Internal Revenue Service, the affordability percentage for Affordable Care Act plans has been set at 8.39% beginning in 2024. This marks a significant decrease from the previous 9.12% applicable for 2023. This is the lowest percentage since the inception of the employer mandate which means these…

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