Ongoing Support for ESOP Ownership

Congratulations on your Employee Stock Ownership Plan. Berman Hopkins 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:

​

TRANSITIONAL SUPPORT:

• ESOP communication presentation/ explanation of ESOP to company employees

•  ESOP accounting for initial transactions

• Banking related to ESOP issues - line of credit/ bank account, etc.

•  Support related to ESOP trustee »

• Fiduciary insurance - trustee/board

• Confirm independent appraiser and timing of the valuation

•  Support company in retaining a third-party administration

• Advice related to Board of Directors

• Assist with IRS determination letter annual audit support

• Consultation with the auditor’s CPA regarding transactional accounting

•  Banking related to ESOP issues – line of credit/bank account

•  ESOP accounting issues related to transactions 

• ESOP accounting ongoing classification

• ESOP accounting contra equity account

•  ESOP tax planning » ESOP accounting compensation expense

​

​