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Bob Demontigny

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  1. Secure 2.0 allows mid-year Simple to 401k but is that a two way street? Section 332, Employers allowed to replace SIMPLE retirement accounts with safe harbor 401(k) plans during a year. Section 332 allows an employer to replace a SIMPLE IRA plan with a SIMPLE 401(k) plan or other 401(k) plan that requires mandatory employer contributions during a plan year, and is effective for plan years beginning after December 31, 2023. Can I terminate a SH 401k and replace with a Simple in the same year?
  2. Hypothetical : 2022 retroactive CB plan to be set up. Potential sponsor already filed 2022 corp return but will amend for reasons other than this but wants to include if possible. In CA we have an automatic extension for all counties due to weather except 2 (client located in county under extension). We have time to file 5558 still. Rev Rule 66-144; 1966-1 C.B 91 seems to support this: "Section 404(a)(6) of the Code provides that a contribution for a taxable year made by a taxpayer reporting on the accrual basis shall be deemed to be made within such taxable year if paid within the time prescribed for filing its return plus any extension of time in which to file. Therefore, a contribution paid within an extended filing period is deemed to have been made during the taxable year. Thus, a contribution made during such extended period, as provided for under section 6081(b) of the Code, is deemed to have been made during the taxable year regardless of when the return is filed." Guess the question is does the filing of the 2022 corp return trump the automatic extension granted for CA thru 10/16/23? Thanks for any input.
  3. An IRR is a rollover within a retirement plan to a designated Roth account in the same plan. Question is do we code the 1099 code "G" and then use the taxable box to create the tax liability to the participant converting OR do we use code "2" (I have read this is IRA to Roth coding only). Thank you for any input.
  4. Thank you Lou. Of course, I failed to mention that the takeover document excluded catch up contributions but I would infer the same failure under EPCRS would apply.
  5. Takeover document for 2021 limits 401(k) contributions to 17% of pay. Some are over that % for 2021. Are those considered 402(g) or Excess 415 contributions?
  6. Spouses in CA own separate sole prop businesses without employees and each has a solo 401(k) plan document. May I file a 5500-EZ for each separately or must I file a 5500- SF for each due to control group status after the $250k ceiling is reached. I recall that used to be the case in 2008 but I believe that has since changed. Looking for validation or direction on where to look further. Thanks, Bob
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