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Showing 21 posts by Amanda J. Dernovshek.

The Corporate Transparency Act and its Impact on ESOPs

Figures Looking at OwnershipThe Corporate Transparency Act (“CTA”), which became effective on January 1, 2024, requires that many businesses report a significant amount of information about the company and its “beneficial owners” to a federal database. This article outlines the general rule, exceptions to the rule, the definition of “beneficial owner” and the CTA’s implications for companies owned by Employee Stock Ownership Plans (“ESOPs”). Read More ›

Categories: Corporate Transparency Act (CTA), Employee Benefits, Employment, Technology

The Importance of Adopting an E-Signature Policy for Your Business

Given the ever-changing landscape and increasing popularity of remote work, the use of electronic signatures (“e-signatures”) is on the rise. Business in general is going virtual, causing electronic transactions and online interactions to become more common. To accommodate this new digital environment, legislators have passed laws to permit the use of e-signatures to bind individuals to electronic agreements. In addition to keeping up with the evolution of online business, providing your organization with a reliable e-signature policy is pivotal to ensure clear reliance on and expectations for e-signatures. Read More ›

Categories: Alerts and Updates, Compliance, Contracts, E-Commerce, Technology

IRS Announces 2024 Cost-of-Living Adjustments for Retirement Plans and for Health and Welfare Benefit Plans

Saving for RetirementThis blog has been updated since November 8, 2022. The data below is current.

The IRS has announced the 2024 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. The charts below set forth the applicable limitations. Read More ›

Categories: Employee Benefits, Retirement

Process and Requirements of Women-Owned Small Business Certification

Women Business OwnerThe federal government, states, and some cities set aside a percentage of funding to help women-owned businesses. In fact, in 2021, the federal government set aside 5% of its annual spending for businesses that obtained a Small Business Association (“SBA”) Women-Owned Certification (WOSB). Read More ›

Categories: Compliance, Startup

IRS Makes it Easier to Correct Certain Retirement Plan Compliance Issues

Older Couple Looking at Retirement PlanOn July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Retirement plan sponsors may use EPCRS to correct certain compliance mistakes, and avoid the adverse tax consequences associated with plan disqualification.

We have provided a summary of the changes below. Read More ›

Categories: Employee Benefits, Retirement

Department of Labor Releases Employee Benefits and Cybersecurity Best Practices

IT manOn April 14, 2021, the U.S. Department of Labor’s (“DOL’s”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The EBSA guidance has been highly anticipated as the frequency and cost of data breaches affecting employee benefit plans continues to rise. The EBSA guidance focuses on actions that plan sponsors, plan fiduciaries, record-keepers, and plan participants can take. Read More ›

Categories: Cybersecurity, Department of Labor, Employee Benefits

A Brief Legal Guide to Buying a Distressed Business

Business MovingEarlier in the pandemic, our team identified the economic crisis caused by COVID-19 as a growth opportunity for businesses with the vision and the resources to take advantage. One such opportunity is the chance to diversify or grow by acquiring distressed competitors, suppliers, or customers. Read More ›

Categories: Chapter 11, Contracts, Mergers & Acquisitions

Women Owned Small Business Certification Program - Part Two: Certification and Benefits

Certification ReviewThis is the second part in a series discussing the Women Owned Small Business (“WOSB”) certification program with the U.S. Small Business Administration (“SBA”). Part One  summarizes the eligibility requirements.

This post, Part Two, briefly reviews the certification process and the benefits of certification. Read More ›

Categories: Compliance, Did you Know?

2021 Arrives with Additional Flexibility for Flexible Spending Accounts

FSA ChecklistDuring 2020, a number of newly enacted laws created flexibility for various employee benefit plans. Please see Foster Swift’s publications on this topic here. The Consolidated Appropriations Act of 2021 (the “Act”), which was signed into law on December 27, 2020, provides additional flexibility for Health Flexible Spending Accounts (“Health FSAs”) and Dependent Care Assistance Plans (“DCAPs”), specifically. Read More ›

Categories: Employee Benefits

Women Owned Small Business Certification Program - Part One: Requirements

Business Owners2020 brought uncertainty to the world and, for many businesses, financial instability. In addition, 2020 brought inequities and disparities in our society to the forefront. To address both of these issues, many businesses are striving to achieve increased diversity in the workplace, while simultaneously seeking additional opportunities to secure financial opportunities. Read More ›

Categories: Did you Know?