Ongoing Support
Invest in Your Employees
and Your Business with an ESOP
Congratulations on your Employee Stock Ownership Plan. We developed our Support for ESOP Ownership services due to experience with other clients that needed guidance after the transaction through the implementation phase. If desired, Berman Hopkins can be a resource in providing these possible services that might be helpful as your company moves into the compliance requirements of becoming an ESOP company:
Transitionl Support
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ESOP communication presentation/ explanation of ESOP to company employees
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ESOP accounting for initial transactions
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Banking related to ESOP issues - line of credit/ bank account, etc.
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Support related to ESOP trustee »
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Fiduciary insurance - trustee/board
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Confirm independent appraiser and timing of the valuation
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Support company in retaining a third-party administration
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Advice related to Board of Directors
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Assist with IRS determination letter annual audit support
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Consultation with the auditor’s CPA regarding transactional accounting
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Banking related to ESOP issues – line of credit/bank account
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ESOP accounting issues related to transactions
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ESOP accounting ongoing classification
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ESOP accounting contra equity account
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ESOP tax planning » ESOP accounting compensation expense
Ongoing Support
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ESOP accounting for continuing contributions »
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Support for share release calculations
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Accounting for compensation expense »
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Management of benefit levels »
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Consulting on IRS and DOL Compliance
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Audit and bank compliance support »
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Support for participant reporting
