Conducting a business and tax practice, Francis represents closely held businesses, ranging from high net worth individuals, to professional service organizations and their owners. These disciplines embrace business entity selection, formation, governance, mergers and acquisitions, ERISA, employee benefits, and executive compensation. Business and income tax planning is performed across the spectrum of Partnerships, LLCs, and S and C corporations. It is engineered in order to provide ongoing synchronization with the evolving needs of ownership and management.
The firm's principal, Mr.Kovacs-Colón delves into both the daily and the sophisticated areas of a varied business and tax practice. Consisting predominantly of closely held businesses and professional groups, his clients include individuals, employers of various sizes and service providers, which include financial institutions servicing the investment and administrative areas of employee benefit plans. He was formerly an attorney with a major life insurance company's pension department. In that position he was responsible for tax, securities and insurance law compliance. His practice also includes heavy experience in financial product regulations, qualified and non-qualified deferred compensation programs, welfare benefit programs, tax-exempt organizations and estate planning. Mr. Kovacs-Colón has represented clients in Federal Court before the Internal Revenue Service and Department of Labor, and has provided valuable counseling in such areas as plan design and drafting, control groups and affiliated service groups, separate lines of business, employer stock plans, employee leasing, voluntary compliance resolution, prohibited transactions, acquisitions, divestitures, mergers, spin-offs, plan amendments and terminations, Family Medical Leave Act, Americans With Disabilities Act, and the Workers Benefit Protection Act. Presented at Using Rollovers for Business Startups, Columbus Bar Association Business and Tax Committee,2011; Conference Chairman, Employee Stock Ownership Plans,1990 and Employee Benefits and Bankruptcy, 1991 Columbus Bar Association; Adjunct Professor, Capital University Law and Graduate Center. Lecturer: "Non-qualified Deferred Compensation", Ohio Society of Certified Public Accountants, Not for Profit Organization Seminar,1996; "Claims for Breech of Fiduciary Responsibility under ERISA'',"Columbus Bar Association 1991;"Age-Weighted Profit Sharing Plans,"Columbus Bar Association Seminar,1991;"Tax Issues in Separation Agreements and Post Employement Health Insurance,'Ohio CLE Seminar,1999;'What Type Compensation-Benefit Plan is Best for your Client?",Ohio CLE 1998;" Retirement Plans and IRA's," Ohio Society of CPAs,Federal Tax Simposium,2006.
Reorganized multiple entity control group converting pass through entities to brother sister C Corporations controlled by S Corp Management Company,inserting multiple owner -management focused benefit structures resulting in improved financial efficienecies and significant entity and owner tax savings.
Developing sophisticated analytical criteria, led pension committee of an international manufacturing entity in it's successful search for,and continued monitoring of, a financial service investment adviser,leading to a fruitful reconstruction of a large pension plan portfolio and installation of significant executive benefit plan funding.Designed and implemented retirement and employee benefit plans for national organization of over 350 related corporations while avoiing application of control group and affiliated service group provisions under tax code.Obtained very favorable ,cost saving resolution under VCR for a 1.2 billion dollar publicly-traded client whose 401 (k) profit sharing plan had over several years,misapplied fixed income investments for several thousand participants while constructing legal position avoiding finding of fiduciary breach.Successfully supervised national retailer's ERISA strategies on behalf of its multi-million dollar ESOP and other employee benefit plans during its passage through Chapter 11,both negotiating and securing significant VCR letter,saving nearly $100,000 of additional employee contributions,and avoiding fiduciary liabilities relating to purchase and valuation of employer stock.Constructed plan design and determination letter requesting, and obtaining,favorable ruling, on behalf of a multi-state engineering-architectural firm in which such plan specifically provided for purchase of employer stock under the profit sharing plan by shareholders only.Drafted complaint,assisted senior litigation partner and negotiated succesful settlement on behalf of client in action against major bank for both fiduciary breach under ERISA deferred compensation legal advice and consulting to various investment-record keeping service providers,including significant Ohio private money manager and large Ohio independent insurance-brokerage firm.Provide flex plan and related documents and ongoing tax-ERISA welfare and fringe benefit legal advice to third party plan administrators and consultants.Adjunct Professor,teaching qualified retirement plans and executive compensation at Capital University Law School's Graduate Tax Program (LL.M.).
Synchronization of business and tax lax has the objective of maximizing the flexibility of the business to achieve operational objectives while minimizing the portion of revenue and earnings subject to taxation. Maximizing those revenues adds fuel to the financial growth of the business and its stakeholders. Francis helps clients select the most beneficial legal and tax form to operate the business, both at its formation, and throughout its existence. To further accelerate the client's financial and business growth, as well as protect hard earned assets, Francis employs sophisticated qualified plan and fringe benefit plans, which along with his experience in transaction planning, clients find invaluable in reaching their goals.
Francis Kovacs-Colón Esq. has an extensive resume that continues to grow along with the needs of his clients: Born Aguadilla,Puerto Rico,May 23,1953.
1975,B.A.,Ohio State University / 1980,Juris Doctor,Capital University Law School 1991, LL.M., Capital University Law School.
Admitted to the Ohio Bar in 1980,Francis is also licensed to practice before the U.S.Court of Appeals,Sixth Circuit.He is a member of the Columbus Bar Association (Employee Benefits and Executive Compensation Committee, Vice-Chairman, 1987-1988; Chairman, 1988-1989),the Ohio Bar Association ,and the Tax Section of the American Bar Association (Member,Employee Benefits Committee and Multiple Employer-Affiliated Service Group Subcommittee).
Fluent in Spanish,Francis' practice today extends to qualified and non-qualified deferred compensation programs,welfare benefit programs,tax-exempt organizations,estate planning,financial product regulations,business and tax for closely held businesses and professional groups,and executive compensation.His practice also includes representation of clients in Federal Court,before the Internal Revenue Service and Department of Labor ,and benefits counseling in such areas as plan design and drafting,control groups and affiliated service groups,separate lines of business ,employer stock plans,employee leasing,voluntary compliance resolution,prohibited transactions,acquisitions,divestitures, mergers, spin-offs,plan amendments and terminations,Family Medical Leave Act, Americans With Disabilities Act, and Workers Benefit Protection Act, and employment law. Francis is an Adjunct Professor,teaching qualified retirement plans and executive compensation at Capital University Law Schools's Graduate Tax Program (LL.M).He has served as a Board Member and Vice-President of the Ohio Hispanic Chamber of Commerce and is a Parishioner of St.Brigid of Kildare.