Welcome to your September Issue of the ESOP Report. This month we've packed the report with tons of articles and news about ESOPs that you won't want to miss!

Inside this Issue:

This is the first in a series of three articles regarding the preparation of the Section 409(p) test specific to S-Corporation ESOPs.

INSIDE THIS ISSUE

Notice to Taxpayers is Heavy on Innuendo, Light on Specifics

On August 9, the Internal Revenue Service issued a statement suggesting a greater focus in the next year on S-Corp ESOPs and tax compliance, particularly for companies with a parent holding or management company structure and certain owner finance arrangements.

The Consolidated Appropriations Act of 2023 (P.L.

As part of President Biden’s legislative agenda, the Inflation Reduction Act of 2022 becomes law.

During the COVID pandemic, The ESOP Association works with Congress and the SBA to ensure ESOPs are eligible for Paycheck Protection Plan (PPP) loans under the CARES Act. This critical guidance was issued by the Small Business Administration (SBA) and Treasury Department, and was supported by key ESOP Congressional Champions.

The Employee Retirement Income Security Act (ERISA) passes to address public concern that private pension plan funds were being mismanaged, and officially recognizes employee stock ownership plans (ESOPs).

In early August, judges convened at The ESOP Association’s headquarters in Washington, DC, to review all entries submitted for the 2023 Annual Awards for Communications Excellence, or the AACE Awards.