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hoffmaj1

Deferred Comp: change from Sub S to Individual

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When I was deferring compensation into the Nationwide Agent Deferred comp plan, I was running the business as a Sub S Corporation. Upon Retirement, I shut down the Sub S Corp and now the company will only make the annual distributions payable to The Sub S corporation. 

Of course my bank will not cash the check. Since Nationwide Insurance refuses to update the registration, do I have any recourse? 

Thank you!

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Was your company deferring income or were you individually?

I find it odd that Nationwide wants to pay your company.

You will need to find an attorney if Nationwide won't budge.

 

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When you say you "shut it down," did you actually file dissolution paperwork with the State of incorporation?    

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I was essentially the company and I deferred a percentage each year to the plan. 

Yes I filed dissolution papers with the state.   

Thank you

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Easy for me to say I admit, but you or your attorney will have to find the right person at Nationwide and work this out.  As the sole shareholder of a dissolved corporation you are entitled to money which would have been paid to the corporation.  Can't blame the bank for refusing to accept the check.  Figuring out the correct tax reporting may be tricky, but that would be Nationwide's problem.  

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