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I have a client that is a 50% partner in Company A. Company A is a 50% partner in Company B.

The client does not have direct ownership of Company B. The income of Company B, flows through to Company A, then to my client.

Assuming the income reported to the client from Company A, is subject to SE tax, can he participant in the plan of Company B. This is assuming Company A & B are not part of a controlled group under pension law.

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We have a potential client where they have a company 401(k) Plan, but the two owners technically aren't on payroll.  Instead they are paid via 1099.

Can they setup their own individual 401(k) instead of participating in the company plan?  Is there any testing issues if they opted to go that route?

Thanks in advance!

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I know the general rule is that an employer can only contribute up to 6% into a 401(k) Plan when they are also doing a Cash Balance Plan.

I just wanted to confirm that the 6% limit also includes the Safe Harbor Matching contributions that they are currently making?  So if they are making a Safe Harbor Match, that's going to severely limit (or possibly eliminate) the opportunity to make a Profit Sharing Contribution as well?

I think I know the answer, I just wanted to be 100% sure I wasn't confusing myself.

Thank you!

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This is a bit of an oddball but the question was proposed to me this morning - If a plan is still considered a small plan under the 80/120 rule, are the Plan Sponsors still eligible to receive retirement plan start up credits from the IRS if they cross over 100 participants? 

I would assume no, that the 1-100 participants for the credit is pretty black and white, but I figured I would ask here to see all your opinions.

TIA

One of the client is terminating they 401k plan and then will set up a 457b plan, the participants have been given an option to rollover the funds from 401k to 457b plan.  Can participants rollover funds from 401k to 457b? it will be a governmental 457b plan.  

Hi, 

I've assisted plan termination for plans with MPP source however I don't recall sending a 204(h) notice.  If a 401(k) plans is terminating and if there is a MPP source does it require a 204(h) notice and if yes, who should be sending this notice? 

We have a 401k plan with a 3/31 PYE.  We filed a 5558 before 10/31, completed the 5500, which was filed around 12/20.

However, the IRS sent a letter stating that the 5558 was received late and therefore was rejected.  The 5558 was not mailed with tracking and not filed electronically.

Just curious as to whether the plan sponsor has any options here.  They already filed, apparently late, but that has not yet been "caught" or addressed by the IRS.  Can they file via DFVCP, pay the fine, and put this behind them?  But is DFVCP available if they are already filed?  

Thanks for any replies

I have a daughter interested in this field.  I've been in this filed for 25 years.  It's a completely different line of work than her current experience.  She is currently a homicide detective so a definite shift.  Unfortunately every job listing wants at least a years experience.  How can she break into this field with zero experience but clearly smart enough to learn it quickly being she is the youngest detective in VA I believe.     Her Bachelors is in Criminology.  Suggestions?  Or companies willing to train a brilliant new employee.  She is very bright.  I'm happy to pass on any suggestions or opportunities.  She is looking for fully remote or hybrid and is in the Loudoun County VA area.

Thank you.

Hi

This may have been discussed before but cannot remember/locate and having a slow day today (mentally and smoke is coming out my head). I have been trying to find material for the following situation.

Existing DC plan, current participants are past age 65 (NRA)

Starting a new DB plan for 2025 which will have NRA 65 with 5 YOP i.e. if someone is currently age 67, NRA is 72.

I have 3 participants all past 65 with different ages. Currently 66, 67 and 68. For DB, NRA would be 71, 72 and 73 (they are all past NRA under DC).

What ages am I testing them for combined plans?

Employee elected 100% of pay to be contributed as pre-tax elective deferral.  The elective contribution would of course be reduced by payroll taxes, but can it also be reduced by income tax withholding?   Unique situation here where someone has a $10k supplemental wage payment, elected 100% elective deferral (which is permitted by plan).  Should there be income tax withholding on the amount of employee share of FICA & Medicare taxes, so as to reduce the elective deferral?  Is there authority for that, or should the elective deferral be equal to 100% of ($10k - EE payroll taxes).