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Plan filed SF, should have been 5500-Shed I


BG5150

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Plan has had an investment in gold coins for several years. These are not qualifying investments, I don't think.

So, all along they should have been filing a "regular" 5500 with a Schedule I attached.

All along, the bond was for mare than the value of the gold.

Any harm or foul here?  Maybe next year file the I?

Did we really commit perjury by saying all the assets were qualifying in the past 5500's?

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

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Why risk it? Just file the past years' 5500s now under DFVCP. Much cheaper than being assessed penalties by the DOL.

Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance.

Corey B. Zeller, MSEA, CPC, QPA, QKA
Preferred Pension Planning Corp.
corey@pppc.co

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7 minutes ago, C. B. Zeller said:

Why risk it? Just file the past years' 5500s now under DFVCP. Much cheaper than being assessed penalties by the DOL.

Do you really need to file DFVCP?  I think you can just amend.  

Im pretty sure the SF still counts as the "same form" for timely filing purposes.  

 

 

 

 

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If the plan was not eligible to file SF for those years, because it contained non-eligible assets, then I think the DOL would not recognize those filings.

Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance.

Corey B. Zeller, MSEA, CPC, QPA, QKA
Preferred Pension Planning Corp.
corey@pppc.co

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51 minutes ago, C. B. Zeller said:

If the plan was not eligible to file SF for those years, because it contained non-eligible assets, then I think the DOL would not recognize those filings.

I think the DOL has taken that position when an EZ was filed instead of a 5500/SF, but I dont think the same applies to SF rather than 5500.

2019 SF Instructions

Quote

 

Line B – Box for Amended Return/Report.

Check this box if you have already filed for the 2019 plan year and are now filing an amended return/report to correct errors and/or omissions on the previously filed return/report.

If you need to file an amended return/report to correct errors and/or omissions in a previously filed annual return/report for the 2019 plan year AND you are eligible to file the Form 5500-SF, you may use the Form 5500-SF even if the original filing was a Form 5500. If you filed a Form 5500-SF, but determine that you were not eligible to file the Form 5500-SF, you must use the Form 5500 or Form 5500- EZ to amend your return/report.

 

 

 

 

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6 minutes ago, RatherBeGolfing said:

If you filed a Form 5500-SF, but determine that you were not eligible to file the Form 5500-SF, you must use the Form 5500 or Form 5500- EZ to amend your return/report.

Based on this I would agree with your interpretation. DFVCP is probably not required and an amended filing should suffice.

Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance.

Corey B. Zeller, MSEA, CPC, QPA, QKA
Preferred Pension Planning Corp.
corey@pppc.co

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