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Showing content with the highest reputation on 11/10/2020 in Posts
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Non sequitor. If they are paid on a 1099 they are not employees (unless they are misclassified). If you are talking about real estate brokers, I think it is pretty well established that they are 1099 independent contractors. Not advisable to let the tail wag the dog and try to change that classification to employees just for the sake of setting up a 401(k). They can all establish SEPs or...whatever.3 points
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Small Real Estate firm to start 401-k
hr for me reacted to RatherBeGolfing for a topic
Agree with @Bird1 point -
CARES Act Loan Suspension
ugueth reacted to C. B. Zeller for a topic
(B) any subsequent repayments with respect to any such loan shall be appropriately adjusted to reflect the delay in the due date under subparagraph (A) and any interest accruing during such delay, The January payment is a subsequent payment with respect to the suspended payment and therefore would be appropriately adjusted to reflect the delay by adjusting its due date.1 point -
Is an offset a distribution?
hr for me reacted to Luke Bailey for a topic
JAS76, if the loan documentation (plan or loan policy provisions, promissory note, security agreement, whatever) states that after acceleration and failure to pay by a certain deadline the plan may foreclose on its security interest, then yes, that can occur in the case of a separated participant and is a distribution for federal income tax purposes.1 point -
Default the loan under the plan's loan provisions. Issue 1099-R for the income. Carry the loan including accrued interest on the books against the participants loan limit until the participant has a distributable event.1 point
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