December 19, 2013 • 12:02 pm
In a final 2013 tax reform, ESOP Association President, J. Michael Keeling, provides Association members with an update on the process and what the ESOP community needs to do in response to coming changes. He also touches briefly on the recent budget resolution and an ESOP case before the Supreme Court. Read The ESOP Association’s statement about the case here.
Filed under: Government Affairs, budget resolution, December 2013, Government Affairs, Supreme Court, Tax Reform Update
ESOP company leader Barbara Schindler, President and COO, tells House Committee on Small Business that the employee ownership through an ESOP is Golden Artist Colors, Inc.’s New Berlin, New York, key to its recent success, because “When employees are treated like owners they tend to act like owners.” (click to read entire testimony) “Ms. Schindler’s testimony fly’s in the face of the Administration’s position that ESOPs are too risky for employees in companies with more than 10 or so employees because the employees can’t impact the performance of the company where they work,” said Michael Keeling, ESOP Association President.
Filed under: Economic Performance, Government Affairs, TEA Members, ESOP Association Member, ESOP company, Golden Artist Colors Inc., Government Affairs, House Committee on Small Business
The Financial Services Accounting Board (FASB) voted to indefinitely defer the Accounting Standards Update (ASU) 2011-04 which would require companies to disclose the significant assumptions and methodologies used in the valuation of company securities that are not publicly traded. The Update had been written in such a way that privately-held companies were likely to be required to provide a footnote in their ESOP audit reports filed with the 5500 form that would have provide information to outside parties that many ESOP companies considered detrimental to the interests of their businesses.
In February 2013, The ESOP Association joined the Employee-Owned S Corporations of America (ESCA) and the National Center for Employee Ownership (NCEO) in sending a letter to FASB regarding the proposed Update. The link to the letter can be found here.
Filed under: Government Affairs, Accounting Standards Update (ASU) 2011-04, FASB, Financial Accounting Standards Board, Government Affairs
Following is a brief update on tax reform from ESOP Association President, J. Michael Keeling.
Filed under: Government Affairs, Government Affairs, Tax Reform Update