BW INSIGHTS

Navigating State & Local Taxes: How an Iowa Tax Attorney Can Help Your Business

By Tim C. Reilly | 08.22.2025
State and local taxes (SALT) often take a back seat to federal tax considerations, to the extent that tax is even at the table when it comes to deciding what’s best for a business. And while federal income tax is typically the largest tax liability for a business, ignoring SALT in business planning can create unnecessary risk and leave money on... Read More

Iowa Overhauls Business Tax Incentives: What Companies Need to Know

By Tim C. Reilly | 08.11.2025
The 2025 Iowa legislature enacted Senate File 657 to revamp some of the state’s biggest tax incentives to attract and retain businesses. The bill was signed by Governor Kim Reynolds on June 6, and the restructured credits and incentives will go into effect on January 1, 2026. Research and Development (R&D) The Iowa Research Activities Credit (RAC)... Read More

What “The Big Beautiful Bill” Means for Estate Planning in 2025 and Beyond

By Robert Hodges | 07.10.2025
On July 4, 2025, President Trump signed H.R.1“The Big Beautiful Bill” into law. This broad tax-and-spending reconciliation package solidifies and extends the Tax Cuts and Jobs Act (TCJA) enacted in 2017. Additionally, the sweeping implications of the legislative package touch economic policy, immigration, Medicaid, renewable energy tax credits and... Read More

ONE BIG BEAUTIFUL BILL PASSES: How Could the Income Tax Changes Impact You?

By Christopher Nuss | 07.07.2025
On the day before Independence Day, the Big Beautiful Bill (the Bill) passed the House, after passing the Senate two days earlier. President Trump signed the Bill on the 4th of July. Despite Republican control of both the House and the Senate, many were concerned about the cost of the Bill, estimated at $3.4 trillion, so passage was not automatic.... Read More

Iowa Sales Tax Changes for Data Centers

By Tim C. Reilly | 06.13.2025
Governor Kim Reynolds signed House File 976 on June 6, 2025. This bill originated from the Department of Revenue. While the Department’s own proposals were noncontroversial, the legislature added significant language impacting sales and use tax exemptions for data centers. Iowa has provided a set of three sales tax exemptions for data centers for... Read More

ESOP SELLER PERSPECTIVES – BENEFITS OF SELLING TO AN ESOP

By Drew D. Larson & Cynthia Boyle Lande | 12.09.2024
Selling a business is a monumental decision for any owner. It’s not just a financial transaction; it involves the legacy, the workforce, the community, culture, and the future of the enterprise. One increasingly popular method of transitioning ownership is through an Employee Stock Ownership Plan (ESOP). This approach has numerous advantages for... Read More

SECTION 1202 GAIN EXCLUSION IN SALES TO ESOPS

By Drew D. Larson & Cynthia Boyle Lande | 11.11.2024
ESOPs provide many tax advantages for both sellers and the ESOP-owned company. In addition to all of the ESOP-specific benefits, sales to ESOPs can also potentially qualify for gain exclusion under Section 1202 of the Internal Revenue Code. Benefits of Section 1202 Section 1202 provides significant tax benefits for sellers of qualified small... Read More

Navigating ESOP Distributions: Method, Form, and Policy

By Cynthia Boyle Lande, Drew D. Larson & Sarah E. Herz | 10.22.2024
Understanding ESOP (Employee Stock Ownership Plan) distribution requirements are crucial for compliant operation of your ESOP and managing distribution and repurchase obligations. ESOP plan designs and distribution terms can vary significantly, but all ESOPs are subject to the Employee Retirement Income Security Act (ERISA) and tax rules. In this... Read More

ESOP SELLER PERSPECTIVES – UNDERSTANDING SECTION 1042 IN ESOP SALES

By Cynthia Boyle Lande & Drew D. Larson | 10.10.2024
Understanding Section 1042: A Tax-Efficient Strategy for ESOP Sales In the realm of Employee Stock Ownership Plans (ESOPs), Section 1042 of the Internal Revenue Code offers a significant tax advantage for business owners looking to sell their company to an ESOP. This provision allows for the deferral of capital gains taxes upon the sale of... Read More

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