joano

Received some updated info. Based on Notice 2011-6, my understanding is now that if you only require a PTIN for purposes of preparing Forms 945 and 5330, there is relief from the exam and CE requirements. This is separate from CE requirements for ERPA designation.

fyi - I received some very helpful info from another source See FAQ #7 at the link below; add'l hours earned under the ethics and tax updates categories can be applied toward the ten hour federal tax law requirement http://www.irs.gov/Tax-Professionals/FAQs:...on-Requirements

Thank you, Jim I will check out the Corbel info. My understanding is that ASPPA doesn't offer any credits that fall into that "other federal tax law" category.

My reading of the PTIN rules is that a RTRP needs a PTIN to prepare and file Forms 945 and 5330 for clients and the PTIN rules carry a 15 hour CE requirement before the end of 2012. ERPAs hours can overlap, but does an ERPA need the 10 hours of "other federal tax law credits"? Does anyone have any suggestions for CE programs that would fall into this category and have any relevance to the Retirement Plan industry? Am I missing something?

Alf or Janet, I have been unable to find a cite reference anywhere to back this up. Any ideas?

Thank you, Lori. My question had to do with the date the 1120 was actually filed (e.g. 2/17) versus the date the 1120 was due (3/15). Does the deposit have to be made by 2/17 or do they have until 3/15?

I seem to recall that an employer contribution for a dc plan had to be deposited prior to the employer's filing of the corporate return if the corporate return was not extended (e.g. 12/31 pye, 1120 filed 2/15, deposit had to have been made by 2/15). Can anyone refute or corroborate this recollection?

Thank you for the replies. I found in a reference book that if an LLC is taxed for the year as a partnership, then for plan purposes should be considered a partnership. This client was taxed as a partnership for '03, so we will prep an EZ.

A client sponsors a 2-person plan, an LLC company with the owners being the only employees. Can I prepare Form 5500-EZ under the instructions that the plan only "covers one or more partners (or partner(s) and spouse(s)) in a business partnership" or do I have to file Form 5500 because the entity is a corporation?

Thank you, Blinky. We were asked about a scenario in which a partner wants to elect to defer from monies drawn from the LLC and make 401(k) deposits during the plan year. Would that be allowed? I assume that if so, if there is a net loss reported for the partner at the end of the year, there would be a 415 excess and the entire 401(k) amount would be refunded as 1099-R income. (This does create an adp testing issue if there are other highly paid employees who are not partners.) Do partners and sole props. always have to wait until the end of their fiscal year to make deferral deposits?

If a partner in an LLC has a net loss income reportable for the year, is it possible for that partner to make a 401(k) contribution on his/her own behalf?