mjf06241972

I have a solo 401k plan that now has employees. The solo plan has filed Form 5500-EZ for past several years. Can I transition the tax return automatically to the 5500SF since they now have employees or do I have to do anything with the 5500-EZ? Thank you.

Thanks for the feedback. I agree with a lot of risk with son's involvement. Not worth it.

Hello, Have a solo 401k plan being set up. Owner would like to take his contribution and invest in a land/property investment that his son is involved in. I know this type of situation is a little tricky so any guidance would be greatly appreciated. Thank you.

Can a Fire District set up a 401k plan? Or does it have to be 403b or 457? It is a political subdivision of a Town and they, as a governmental entity, have the authority to assess taxes. It is not a tax-exempt entity granted exemption from income tax under IRC section 501(C). Thank you.

It says weekly. This would be for a new employee that has met eligibility and they are deciding they want to get into the plan. Not changing but entering plan. Is there a deadline that they can go past the entry date of when they can come in the plan?

What is the rule on employees enrolling in 401k? For example, a plan has a July 1st entry date and the payroll is July 1st. Can an employee hand in an enrollment for on July 5th for the next payroll? Or is it a hard cut off date of July 1st if that is that they are eligible and then they have to wait until next entry date. Thanks.

Client is selling his dental practice. He said the sale is an asset purchase sale not a practice sale so would the new owner be able to continue the current retirement plan. Or do they have to terminate the current plan and start a new one with the new owner?

Can a refund resulting from a failed ADP test be used to satisfy RMD requirements for Key Employee in a 401k Plan? Thanks.

Got the answer. Thank you everyone!

LLC filing as an SCorp, I believe. Accountant provided me with a K1 and a W2 for each partner.

SCorp filing as LLC. Only owners in business and each owner receives K1 and a W2. Would I do the S/E Adjustment on the K1 income and then add full income on the W2 for total income for calculation purposes? Thank you.