During the current audit we discovered that a Trustee of the plan engaged in a prohibited transaction. On further review it was determined that this had also occurred in a prior year for which the form 5500 had already been filed. I believe that we should go back and amend the 5500 for the prior year to reflect that a prohibited transaction had occurred and also include the Schedule G for the prior years amended 5500.
Has anyone else have experience with a similar circumstance and how did they handle the prior year problem.
