ombskid

Accountant is 50% partner in a LLC A client of the LLC hires the accountant personally separately from the LLC's work to oversee work related to possible sale of the company. Client pays the accountant separately for this work. Can the accountant have a pension plan separately from the partnership based on this revenue?

Client has 2 plans. Thought he efiled both plans for 2014 in 2015. We recorded both as filed also Definitely efiled both plans for 2015 in 2016 and we recorded same Filed 2 plans in Oct 2017. We noted one plan still wasn't filed. Told him to go back and file 002 which he did He just got a IRS penalty notice for 001 for 2014 for $15,000 System now says 2014 5500 for 001 was not filed in 2015. First filing he made in 2017 was the 2014 form that was still in the system 2 questions Is it worth it to try for reasonable cause or system or human error, he filed the other and thought he filed both etc If DFVC is the best way to go, should it be filed again with just the DFVC checked? I know this has been kicked around but i couldn't find concensus on either question

Corp A (sub s) owned by husband and wife. Corp B (sub s) owned by unrelated individual LLC owned 50% by Corp A and 50% by Corp B LLC does roofing. Profits pass to the 2 corp's Is the a controlled group (or group under common control), or ASG?

Typo - RBD is 4/1/2018 But that doesn't affect th answer - the RMD must come out in 2017 before the rollover Thanks!

Former owner retired in August 2016. Wants to roll entire account to an IRA. He turns 70 in April. His RBD is 4/1/2017. Does he have to take a RMD in 2017, before he rolls over the balance?

Thanks. I find similar - but not as clear - language in the ft william doc.

The employee did work 1000 hours from 3/1/2015 to 2/29/2016. And worked 630 hours in 2016. So by your (Accudraft) description, he would be eligible 1/5/2017, correct?

Plan requires a year of service -1000 hours. Entry dates are 1/1 and 7/1. Year of service reverts to plan (calendar) year. New employee works over 1000 hours 3/1/2015 to 5/1/2016 and leaves. Is re-hired 1/5/2017. Would have been eligible 7/1/2016 but not employed. Less than 1000 hours in 2016. What is the earliest this employee could be eligible assuming full time in 2017?

A company called Securian Financial has a program using daily valuation but takes loan payments directly from participant's personal checking accounts rather than run them through payroll. Client has plan that allows too many loans and has constant battle keeping them straight. The savings in clerical seems to be worth the switch. Any thoughts on that porcess and possible employer liabilities? Anybody with experience with this company?

Plan started termination in 2015. Owner and spouse. Could not/did not finish rollovers until well into 2016. The 2016 RMD was not taken before plan assets were finally distributed. Can a distribution of the RMD amount that should have come out of the plan in 2016 be taken from IRA accounts to makeup the amount that should have come out of plan assets?

Thank you.

2 participant plan paid out early in 2016. Valuation is end of year. Is a Sch SB needed for this year?

They would like to have this person work the extra hours this one year, but not have to be covered by the plan because of the one year 1000 hour eligibility and because they intend for this person to go back to part time after this one assignment Lou you have it right - no problem with coverage by excluding this employee/class of employee. We're looking for ideas for defining the excluded class.

Non-profit organization has several semi-permanent part time employees to do fill-in for vacations, sick leave, scheduling etc.. They want to use one for a longer term fill-in that would put them over 1000 hours in the current plan year then return to part time in the following year. Plan calls for 1000 hours/one year eligibility. Is there any simple language that could be added to the document that would allow this?

Sole proprietor wants to file for an extension on his 1040, giving him until 10/15 to make his SEP contribution, but wants to actually file his 1040 before the extension is up and before he funds the SEP. I believe this is ok in the case of a qualified plan. OK in a SEP too?

Thanks. I thought there was a previous discussion but couldn't find it

If there are employees, does some of the cushion get allocated as cost on Sch c and the rest to employer contribution on 1040?

Owner, sole proprietor files Sch C In a dc plan, employee cost is reported on Sch C and reduces Net Sch C that goes to SE Tax calculation. Net Sch C is adjusted by 1/2 of SE tax. Then, for example, if the result of above is 100,000 for the owner the result could be 80,000 "compensation" and 20,000 contribution making the formula 25% of pay I think this is accurate and basic for all of us If the plan is a db, similar situation, where does the cushion amount go? It could make a big difference in what is "compensation" to the owner. I hope the question makes sense.

Small union construction company. Owner pays union dues for himself as well. Can owner have a plan sponsored by his company, exclude other union men but include himself, possibly for a big DB or CB plan?

Terminating plan is in an audit. Auditor wants proof of the hi 3 yr avg. Client and CPA say they don't have records that old (somewhere mid 90's). The years are before the plan effective. Doesn't IRS have records going back that far?

Does a contribution for the tax year 2014 that is made in 2015 added to the actual 2014 account balance when calculating RMD's?

Thanks

But if doc does not switch to plan year?

Compensation is only compensation while eligible Question is does that apply to service also? If under 500 hours after becoming eligible he can be excluded?

Profit sharing plan with 2 year eligibility. Jan 1 and July 1 entry DOH 5/1/2013 Eligible 7/1/2015 Terminates 7/25/2015 If employer makes 2015 PS contribution, is employee a contribution? If so, based on what comp? Plan is top heavy but that requires end of year employment.