Bill Presson

I would be concerned about creating a precedent and standard. What if one were reviewed/warned but not the 99 others? Or 99 were reviewed/warned but not the 1 other?

It needs to be distributed to everyone with a balance whether or not still employed and to everyone eligible whether or not they have a balance.

Agree with Bird.

Excellent.

That's not what shERPA said. The PLAN was supposed to be the owner and the check payable to the Trustee of the plan. If the owner of the policy was the participant, that means the policy was never actually part of the plan. That is an issue.

I'm still confused. Multiple times you've said the ESOP holds no stock but also multiple times you've mentioned the stock traded on a monthly basis. Either the ESOP holds stock today or it doesn't.

Retired.

Correct. It's not the same $550. It's just the one is eligible for catch up and the other isn't.

If you make changes to the document that aren't allowed by the document, it eliminates the preapproved status. You don't want to do that. You should hire a TPA to help you. Let me know generally where you're located and I'll see if I can recommend someone. But you don't want to jeopardize the tax status of your retirement. Spend a little money and get it done correctly.

It's legal. They just don't know what to do.

@Bird I think you meant to type this.

The accounts should be in the name of the plan and with the plan TIN. Also, you mentioned transferring balances in excess of $250k. For filing purposes, all accounts are aggregated.

Yes. Assuming no stock attribution any other way. That would be an interesting discussion.

Still might need to consider it a partial termination and vest 100%. If not, might be able to use it to pay fees. And, if there's no employees, might want to terminate the plan.

Correct. And it doesn't matter that they are brothers.

Will there not be any future contributions for the owner?

Whatever the plan document says.

SOL without a w-2 for this company. Any chance there is some sole proprietor comp out there?

Shouldn't each plan have their own TIN?

I would love to see an actual opinion of someone that says "s corp employee contributions do not need to be withheld from payroll."

+1 to EBEC's post.

Agree with CB. Also look at just having the fees paid by the plan and deducted from participant accounts. Likely won't be deducted exactly like they were allocated, but might be close enough. And save a lot of heartache.

Only pension and profit sharing plans can be set up in a prior year. Not 401(k) plans for anyone.

You are correct and the CPA is wrong.

Are you talking about when you enter a thread with new posts? If you click the title, you go to the first post in the thread. If you click the little circle in front of the title, you go to the first unread post in the thread.