Lori H
May 22 2009, 04:26 PM
Small plan (25 particippants) failed to make it's $10,000 contribution for the 2007 calendar plan year. Suggested to revise the 5500 and corp tax return showing no contribution. Other options????? make the contribution ($10,000 would have lost money)late or file SCP?
K2retire
May 22 2009, 06:12 PM
Is the PS formula set in the document? It is is strictly discretionary, I think your only choice is to revise the tax return and 5500.
BG5150
May 26 2009, 07:42 AM
Was the 5500 done on an accrual basis?
Lori H
May 26 2009, 11:12 AM
The 10,000 was shown as a receivable and was included in the assets on the 5500. The PS formula is an integrated discretionary. However, it had to be allocated on a comp % as the $10,000 could not accommodate the integrated design.
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