Bill Presson

Where did you see this (bolded)? I've never (last 5-6 years) had an IRS or DOL auditor allow us to represent a taxpayer whether we prepared the 5500 or not. We always have one of the CPA's get the 2848.

Here is the rub. We don't need higher taxes, we need higher tax REVENUE. The Republicans haven't done a very good job in a long while in making the distinction. Or in being prudent with spending when they have some control.

Then you'll need to get the ERPA designation. I'm planning on doing it next year.

Why would your CPA designation not allow you to do any of those items?

With all the electronic filing issues this, the IRS has been pretty reasonable in abating penalties.

But don't they have to make the election by December 31?

Perfect, Gary. I was hoping you would reply!

Hoping a SEP guru will see this and can point me in the right direction. Let me first say that I have asked for a copy of the SEP document (page?), but have not yet received it. We are working with a law firm that has had a SEP for a number of years. All the owners make well over the compensation limit. For 2009, their contribution was about $35,000 for each of the owners. We asked why they didn't receive a maximum contribution since they had indicated that was very important. The law firm’s accountant is telling them they did max out their SEP because it is 10.7% on first $20,000 and then 15% on remainder for max of $35,770. I know that an SEP CAN be integrated, but this seems to be a very unusual formula to me. Does this make sense to anyone else? Thanks.

Hmmm. Perhaps the irony is unrelated to the name, but is related (apparently) to a Ms. listening to a Mr. Mostly along these lines. It just appeared to be what my wife would post had I provided an answer.

And you need to think about how the tests are going to pass in 2011. Probably have to change to current year.

Assuming the final year is a short plan year of less than 7 months, the plan sponsor is allowed to make an election to defer the accountant's opinion on the 2010 return and just do a single audit for the entire period. From the 2009 5500 Instructions: (2) Short Plan Year Rule: If the plan had a short plan year of seven (7) months or less for either the prior plan year or the plan year being reported on the 2009 Form 5500, an election can be made to defer filing the accountant’s report in accordance with 29 CFR 2520.104-50. If such an election was made for the prior plan year, the 2009 Form 5500 must be completed following the requirements for a large plan, including the attachment of the Schedule H and the accountant’s reports, regardless of the number of participants entered in Part II, line 5.

Anyone else see the Irony in "Ms TPA" not listening to "TPAMan"?

I have a couple of suggestions as well, Archimage. Email me for specifics.

One other thing to look at is whether the document deems that the completion of the year of service for eligibility is completed at the end of 12 months or at the end of completing 1000 hours. That would make a difference in the entry given the information you provided.

Thanks for the kind words. Uh oh, did I miss a message from you Bill? I'll give you a call. Thanks for the call, Jim. As I mentioned on the phone, it was just a little ribbing. Thought I was going to have to call in the big dogs for help, but the Penchecks people stepped up and solved the problem. Appreciate the call and enjoyed getting caught up!

Penchecks has formed Penchecks Trust Company of America, (PTCA), a wholly owned subsidiary of Penchecks, Inc., chartered by the state of South Dakota. As of Monday, 11/15/10, PTCA has adopted its new IRA document. New IRAs being established through Penchecks will now be held by PTCA as the actual custodian. So you can tell them PTCA if you want to be specific. Full disclosure, I am a shareholder in Penchecks and director of both Penchecks and PTCA. Jim This is great and we've been happy with the distributions, etc. we've done with Penchecks starting this year. Not happy that you didn't return my email, though.

Wow. I noticed that there weren't any articles, but completely missed that note. Thoughts & prayers to the entire Baker family.

At the RANDUG meeting this week, Ken told us that about 50+ clients had installed 16.0, but only 2-3 of them were daily. The ASP rollout is the first weekend in December.

Kabert is correct. In addition, you can go to www.penchecks.com. Disclaimer: I have no financial interest in that company.

This is what we use. We have both the DC and Cash Balance proposal online systems and are very happy with them.

There seems to be a cross confusion of several items in this thread, so I think we need to make sure we're all on the same page. tertue: 1. are you trying to calculate a contribution for the employees or the maximum deduction amount for the employer? 2. do you actually have a plan in place right now? If so, what is the plan year? 1/1-12/31 or 6/1-5/31? 3. What plan year are you doing a calculation for? Maybe this will get us headed in the right direction.

Here's what the plan says: Plan Year means each 12-consescutive month period ending on May 31 Limitation Year means: Plan Year If your Plan Year ends each May 31, are you sure the 401(k) is a calendar year plan?

This has to be one of my favorite quotes of all time. No, giving the money back doesn't solve the problem.

We use Accellion. http://www.accellion.com/ I can't speak to the cost, but we have it for the entire accounting firm 280+ people. It's an outlook plugin and is very simple to use. I've been happy with it.

Yes to the easy question. Post to participant web, email, mail to home or handout pretty much cover the options, I believe. Open to new ones.