Experience
$1 Million-Plus in Tax Liability Avoided
Secured several releases for employment and tax-related claims against a client. Inaccurate tax advice had led the company’s board of directors to issue options that did not comply with Section 409A of the Internal Revenue Code. We were able to avoid tax liabilities for the client and option holders without triggering IRS action, and obtained release agreements from all option holders.
Review of Benefit Plans for Buyers and Sellers in Transactions
Assisted buyers and sellers with the review of benefit plans in mergers and acquisitions. Identified issues with the target's 401(k) plan and provided recommendations related to correction program filings.
Termination of Pension Plans for Employers
Assisted employers with complete and partial terminations of defined benefit pension plans. Prepared determination letter applications for submission to the Internal Revenue Service (IRS), required participant notices, and filings to the Pension Benefit Guaranty Corporation (PBGC).
Termination or Conversion of Employee Stock Ownership Plans (ESOPs)
Assisted buyers and sellers with the acquisition of ESOP-owned companies, including terminating or converting the ESOP in connection with the transaction.
