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Showing content with the highest reputation on 04/01/2022 in all forums

  1. "...it seems the client is leaving us." Did the client say as much and direct you to share this data? Maybe chalk it up to a "phishing" scam and tell the client you're ignoring it for their protection! 😇
    2 points
  2. Who has responsibility for determining whether or not payment reported on Form 1099 is proper for the designated persons, who would not be employees if the Form 1099 reporting is proper? If not you, are you sure you will not be implicated and are you willing to accept the suspicious determination and being at least indirectly involved in the potential troubles and recriminations that may well result? If you sleep with dogs you often get up with fleas. Or, is you inquiry inspired because, as suggested by David Rigby, your lower body motor functions are appropriately inspired?
    1 point
  3. Employees are paid on a W-2; Independent Contractors are paid on a 1099.
    1 point
  4. Well presumably most of this is old data/reports/etc. that they should have in their files. As for anything current they are requesting what does your service agreement say? And making a request on Wednesday and expecting the request to be filled on Thursday I would not expect to be considered reasonable. I mean I guess you could call the client and say the cost for this rush billing project is $x and we require an immediate retainer of $y before starting the project. And no we will not be responsible for penalties for your failure to not maintain plan records.
    1 point
  5. PSP = 401(a), would also include a DBP.
    1 point
  6. I am of the opinion that if still a partner in the partnership and still receiving earned income from the partnership, then still employed.
    1 point
  7. Excluding bonuses is considered reasonable within 414s if it doesn't by design discriminate in favor of HCEs. Passing the test shows that it doesn't. You're good to go. Here's a link if you want. Compensation definition
    1 point
  8. It's not uncommon for a TPA to give a sponsor options - plain 3% SH, a "3 + 9" where it's exactly as you describe, and then a "5 + max" for small, medium, and large contributions.
    1 point
  9. This is a common way to structure contributions when you have an older HCE and some younger NHCEs. It is not discriminatory, as long as the numerical tests under 401(a)(4) are satisfied (and you said that they are). SHNEC is considered a profit sharing contribution for purposes of 410(b) and 401(a)(4).
    1 point
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