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Showing content with the highest reputation on 09/11/2022 in all forums

  1. Archimage
    Got a plan that has always been a closed MEP due to common ownership. For some reason, it was thought by a previous provider that this MEP was open and needed the two employers to file separate 5500s going back to 2018. My question is how do you amend a 5500 that should never have existed? The only option I can really think of is to just amend last year's returns and show it as a transfer of assets to the "main" plan and as a final 5500.
    1 point
  2. C. B. Zeller
    Need an EIN. Do not use a SSN. From the instructions to 5500-EZ
    1 point
  3. C. B. Zeller
    Or better yet, if the tool were open source and its code could be examined and vetted by a range of industry professionals.
    1 point
  4. Peter Gulia
    david rigby, thank you for your point that one considers the source's qualities. And thank you for your vote of confidence. But I have no appetite to be a designer of a software tool of the kind I imagined. If the lead designer and specifier were Derrin Watson, would you buy the software tool?
    1 point
  5. david rigby
    Authorship is paramount in the decision process. Tom Poje? yes. Mike Preston? yes. Peter Gulia? yes. Gary Lesser? yes. Others? maybe.
    1 point
  6. Belgarath
    Agree, but it doesn't matter anyway. You need to have at least 80% for the "controlling interest" test, and you don't have that. The controlling interest test is where the same 5 or fewer people have ownership that equals or exceeds 80% of both corporations – and they must own at least some stock in each corporation to be considered.
    1 point
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