An Employee Stock Ownership Plan is a qualified retirement plan under the provisions of the U.S. Department of Labor and the Internal Revenue Service. Selling stock to an ESOP is one of the alternatives for a business owner to sell a portion of, or to sell the entire business. The ESOP transaction carries with it tax advantages in certain situations. Once established and funded, the ESOP may have certain requirements for compliance with DOL and IRS rules. NP Accounting Solutions has experience in assisting with the implementation of the ESOP and with providing the yearly compliance services to an established ESOP.
NP Accounting Solution’s ESOP team provides pertinent services including:
- ESOP implementation (feasibility analysis and assemble the legal, TPA, valuation, and financing team and guide the business through the process)
- Fairness opinion
- Yearly compliance valuation
- Yearly compliance audit
- Finance procurement assistance
- Tax planning