Timing of 5500 filing, Form 1120 filing and date of contribution

[Guest JDVJr]

Is there a problem with filing a 5500 before making the corresponding P/S plan contribution? In particular, can a corp under ext 'til 9/15 file its 5500 by 7/15 as long as it makes its P/S contribution by 9/15?

[Blinky the 3-eyed Fish]

No.

Yes.

[James Matt Ullakko]

How about file the return before 7/31 without taking into consideration the profit sharing dollars that have been decided upon to be made before their corporate extended tax return is filed?

Meaning does one really have to file amended return in situations where the filing already went out without all those reporting years' worth of accruals factored in?

Just pick them up in the following years return and do so consistently going forward?

[Blinky the 3-eyed Fish]

Matt, I took the first post to mean that the PS contribution would be reflected on the 5500 (i.e. on an accrual basis) before the contribution was made. Thus, there would be no amended return needed, unless of course they failed to actually make the contribution timely.

To your last sentence, you have to be consistent in reporting on either a cash or accrual basis and can't just switch.

[James Matt Ullakko]

I should have started my own post... I'll be doing that now.