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imchipbrown

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Everything posted by imchipbrown

  1. imchipbrown
    Any guess about SS benefit increase %?
  2. imchipbrown
    It's all good. Tax treatment, deductions all are the same from your seat. Relax.
  3. imchipbrown
    Mr Bagwell has is right; what does "fairness" have to do with anything? Larger plans don't usually even have to worry about top-heavy.
  4. imchipbrown
    Were any Forms 5500 needed/filed. Who prepared them, if so. Might be a place to look.
  5. imchipbrown
    I've withheld the mandatory 20% and remitted it with Form 1040-ES. Half a dozen times? Last one was early 2018. NOT saying this is the right way to do things. I use the same form and write a check for myself for LLC estimated tax. Last one was low $x,xxx. No correspondence received. A thank you note would be nice :-}
  6. imchipbrown
    I've never had a check returned from the US Treasury. I've done withholding with an estimated tax deposit on the Participant's behalf. I report $0 withholding on the 1099-R. My CPA gives me Estimated Tax coupons which I send in with a check. Never a problem.
  7. imchipbrown
    I've gotten a few - two for my own small 401k, but others for balance-forward, pooled, allocated profit-sharing plans. Was not a problem (obviously?). I got a BP settlement check that was almost a grand.
  8. imchipbrown
    If the client balks at this simple request, I'd hate to be in your shoes for harder "asks". Establish the importance of doing things right. It's what you're paid for, after all.
  9. imchipbrown
    Google it. Found more info than I wanted.
  10. imchipbrown
    Interesting. Thank you Bird. Check a box, go to jail :-}
  11. imchipbrown
    Thanks, Bird. Historically we have used 100% TWB, which should be fine. Issues with other than TWB? (I mean, still inside the normal stuff for "over 80, less than 100, etc"). In case someone else looks up this thread. No worries if it's not off the top of your head.
  12. imchipbrown
    Thanks Guys, It's been a long time (if ever) not passing ratio %. Even though regs are crystal clear you have to test components separately (PS, 401k, 401m), you never know with this stuff. I checked "New Comp" on all my restatements as a kind of knee-jerk reaction to "latest thing everyone should have". Seems of little use in practice and very difficult to explain. Rather Be Golfing, I'll continue the Integration (difficult enough to explain :-} ) Oh, yes Tom, each person is their own group.
  13. imchipbrown
    Client went through high turnover this year. 2 HCEs 1 NHCE > 1000 hrs 3 NHCEs terminated - 1 > 1000 hrs, 1 900 hrs, 1 < 500 hrs. All left months apart, voluntarily. Two were partially vested. 2 HCEs defer 3 NHCEs defer HCE owners want to max his allocation. Profit-Sharing has last day/1000 hr condition. I think I have to add back 2 terminated NHCEs to pass 410b Wrinkle - Plan has "New Comparability" checked as allocation. Historically, allocation has been Integrated. I think I can allocate as if "integration" was check on the AA. Just want to make sure my "bad news" is solid.
  14. imchipbrown
    Wait for the 2018 form and do it for free.
  15. imchipbrown
    What about the subparagraph 414(n)(2) (B): ? (B) such person has performed such services for the recipient (or for the recipient and related persons) on a substantially full-time basis for a period of at least 1 year, and The OP suggests there's (maybe) a three-month feeling-out period.
  16. imchipbrown
    I think replying to the letter with a copy of the Fed 1040 (or 1120?) extension should do the trick.
  17. imchipbrown
    No interest deduction unless secured by the property. Also, must be "qualified residence". Might gum up a lender's willingness to lend. Just a thought.
  18. imchipbrown
    Thanks for mentioning the "majority owner waiver" card.
  19. imchipbrown
    Why not just make the change to both and be done with it?
  20. imchipbrown
    You could possibly have a rolling receivable- 2014 paid in 2015, 2015 paid in 2016 etc. You would always have "Contributions received or receivable". Receivables never paid is another issue. Let the CPA worry about what was deducted.
  21. imchipbrown
    I've had two takeovers (take-aways) recently. In each case, a new Plan Document and Adoption Agreement were executed by the Employer. One went to Paychex (using an Ascensus Prototype) and one to Vanguard (presumably their own document/adoption agreement). One was originally a pooled account (PSP to 401(k)), the other was John Hancock mapped to Vanguard with blackout, etc. Corporate Resolutions were part of the process. It was made clear there was no termination or merger, etc. Simply a switch of investments under the Trust (restated as part of the document/adoption agreement). New terms "Custodian", "Directed Trustee" were incorporated.
  22. imchipbrown
    I told the CPA of the one company I work on with a bi-weekly payroll that I couldn't reconcile anything against the W-2s. I suggested the company change to semi-monthly and she agreed it would make her work much easier as well, Client didn't have an issue with changing. Just hasn't done it, Sure is a PITA for all involved.
  23. imchipbrown
    Unless you go payroll by payroll, employee by employee, you can't check a match for accuracy. I've always put the onus on the employer to take responsibility for methodology. (FT Williams Prototypes)
  24. imchipbrown
    Keep them out of the software.
  25. imchipbrown
    Not saying this is right but I've included this with the Summary Annual Report : YOUR SCHWAB ACCOUNT The (company name) pays all expenses associated with the annual administration of the Plan. None are taken from Plan Assets. Schwab does not currently charge an annual fee for maintaining your account. There are commissions charged when buying or selling securities, Mutual Funds and Exchange Traded Funds. These are disclosed prior to making any trade. Mutual Funds and Exchange Traded Funds generally have internal expenses. The expense ratios are disclosed online on each Fund’s summary page. You may make investments in your account online at www.schwab.com or by phone at (800) 435-4000.
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