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How to Prevent a Section 409(p) Failure by an S-Corp ESOP
National Center for Employee Ownership [NCEO] Sept. 12, 2016 "[1] Reduc[e] the level of synthetic equity by cancelling or distributing part or all of the synthetic equity.... [2] Rebalanc[e] participants' accounts ... [3] Allow for in-service withdrawals that could reduce the share balance of a disqualified person or potential disqualified person.... [4] Transfer shares from a participant's ESOP account to a non-ESOP account.... [5] Change the provisions of the ESOP to relax eligibility and delay the reallocation of forfeitures to ... dilute the percentage owned by potential disqualified persons. [6] Revoke the S election." |
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