Our advisor at Edward Jones really has no idea what she's doing and the advice she has given is so far off base. In 2007 she opened up a owner 401k plan for us. At that time our only employee did not want to participate in it. In fact he signed a paper declining too. My husband and myself each contributed $15,500. That was our only contribution until she rolled over this account into a Safe Harbor on December 28, 2015. Now our employee wanted to participate, so he and my husband did and I did not for 2016. We found out from Edward Jones that they could not offer the plan and we would need a tpa and find another place to have our Safe Harbor. After talking with a tpa I learned that we needed to have been filing back 5500sf for all those years dating back to 2007. Of course, Edward Jones totally denies this.Going forward, does Edward Jones have any accountability for not knowing the law and putting us in this predicament?Could they be responsible for the late fees?When I talked to the tpa and her advice for us was to not file anything for 2016. Is that even possible? She is also giving us false information by thinking we can still open a simple ira and roll it over for this year and pretend it never happened. We have never received anything from the IRS because we have never filed anything before. Her advice was to not file any 5500 form and open up a simple IRA. Now I know that this is not possible until Jan. 2018. Can you not file anything for this year?Do you believe it's in our best interest to file a 5500ez even tho we don't qualify for it? I think it would accomplish terminating the safe harbor once and for all and allowing us to move forward. But on the other hand It is flat out lying. Being put in this situation is very difficult and I have no idea how to proceed.I appreciate you feedback and thank you,
