Partially ESOP-owned Penta Engineering in Charlotte has been bought by a Syracuse, N.Y., firm that's expanding its reach into the Southeast.
Read MoreThe IRS issued rules requiring companies to file a new letter of determination every five years, based on a five-year reporting cycle determined by employer identification numbers. In Announcement 2015-19, the IRS said it would eliminate the fiver-year remedial amendment cycles effective after January 1, 2017. Because of the timing of the change, the IRS will continue accepting applications for Cycle A plan through January 31, 2017, which is the end of that cycle's submission period.
Read MoreIndustry sources report the IRS plans to stop issuing determination letters for periodic compliance. Under current procedures, companies sponsoring ESOPs and other plans file for determination letters in a five-year cycle. The current cycle process allows companies to receive IRS validation of plan changes.
Read MoreAdworkshop, an employee-owned digital marketing agency headquartered in Lake Placid with offices in Albany and Manhattan, took home a record nine ADDY Awards from the Albany Ad Club’s annual ADDY Awards held Friday, March 11, 2016 at the VanPatten Country Club in Clifton Park, including “Best in Show” for its Adirondack Regional Tourism Council Real Adirondack Stories video series. Click here for details.
Read MoreOnce again, Prellwitz Chilinski Associates, a Boston based design firm, is listed as one of the Top 25 Massachusetts Architecture Firms by the Boston Business Journal. Firms are ranked by 2014 Massachusetts architectural billings, putting PCA in the mix with many larger national and regional firms….another strong year for PCA.
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The ESOP Association today expressed strong opposition to an element of the Administration’s Fiscal Year 2017 recommended budget, which would eliminate an incentive for public companies that let workers own part of the business via an employee stock ownership plan (ESOP).
Read MoreThe founder of a midwest based fitness chain recently completed the sale of his company to a newly-formed Employee Stock Ownership Plan. The company’s founder was motivated to reward the employees who contributed to growing the company over 25 years from a small operation with a couple of clubs to the largest fitness chain in its markets. The company operates numerous fitness clubs in major metropolitan areas.
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