MBCarey

I need to do the same thing. Can you tell me, did you file all the late 5500's electronically and then apply? If so, what year form did you use? I have to file for about 6 years. The filings were done but the client did not send them in.

Can you someone help me clarify the vesting for one of our participants. Plan uses "elapsed time" for eligibility and vesting. One year service requirement from Anniversary Date, entry dates on 4/1 amd 10/1 Date of Hire - 9/6/2008 Date of term - 5/16/12 I would think he has 3 years of service? But I am not sure. Only 2 of the years he worked did he have over 1,000 but hours have nothing to do with his vesting. Correct?

Do I need to include the plan characteristic Code 3B to indicate that the plan covers self employed. The plan covers "not" just self-employed but others as well. Is it correct to include this code on the 5500. Thanks

Thanks Andy, I knew it said it somewhere on the form.... but for the life of me I could not see it. Too many years of filing forms.. The body of the form instructs whether or not the form should be signed. The problems with the automatic extension provided by federal income tax filing are (1) you will spend more time communicating this requirement and then verifying that a tax extension has been filed than you will submitting a 5558 and (2) the timing may be confusing when the plan and fiscal years differ. If you have software, it will likely take you under a minute to prepare and print out the 5558. Since you will likely be filing many, that's just one mailing.

I have always asked my clients to sign the "Application for Extension of Time to File". Is a signature really necessary? Is there an automatic extension if the "tax filing" has been extended? If so, do we still need to file a Form 5558. Simple questions I'm sure, but I have never had a client not want to sign

We have carefully considered resignation...... And, unfortunately, they did file at least in 2002 & 2003

We just aquired a plan that has not filed a Form 5500 since 2003. They tell me they have never received a letter from the IRS regarding a delinquent filing. Is there anyway I can find out if the IRS did mail these notices or not? Also, if a notice was received, does that mean we can no longer file under the Delinquent Filer program? I am not even sure that testing has been done on the plan since 2005. Any advice as to where to even start? Or perhaps should we just resign before we begin?

A plan makes its 2009 Profit Sharing contribution in August 0f 2010. For purposes of the 415 test, is the 2009 Contribution counted in the 2010 testing? If so, then the 2010 contribution which will be made in 2011 would it be counted in 2011 415 Testing. The contribution is based on current year compensation, just not paid until the following year. I'm sure I should know this, but I don't and I am also not sure how to set it up in Relius to test unless I just don't post the contribution Until the year it is actually being made.

I have been asked to complete a Form 5500 for both a Profit Sharing Plan for a Collectively Bargained Group that has a total of 53 participants at the beginning of the year and 54 participants at the end and a 401(k) Plan that has 14 Participants (BOY & EOY). Both filings are for the same company. In 2009, the firm that completed the filings for this company completed a regular Form 5500 with Schedule's A & I. Is there something I am missing or would they have been eligible to file as a small plan in 2009? Since they filed a regular 5500 in 2009, do I have to stick with the Form 5500 and the schedules. Thanks

I'm sorry, why would I need legal help. I have a new plan effective 1/1/2010. It is a profit sharing plan with an employer discretionary contribution only, no employee contribution provisions. The company was unable to make a contribution to the plan for 2010 as they had hoped. I realize there is no exception to filing a 5500, but I did not think there were legal issue I needed to be worried about. Help me understand please.

We have a client who established a profit sharing plan effective in 2010 but never made any contributions to it so there are no assets. Should we still prepare a 5500?

Its late in the day so forgive me for being "dense". Are you telling me that we need to correct this under EPCRS calculating and removing gains as well. And yes, I guess the employer did underpay the employee. I am not sure what year the underpayment for 2010 would be taxable. Sorry to be so dense.

A plan we have uses "self-service" with their payroll company to allow participants to manage their deferral percentage elections,. One of the participants requested a suspension of his deferrals on 11/30/2010 and he just realized that they did not stop. Is the employer obligated to refund these deferrals to the particpant. A confirm is not issued to the particpant when they do this. It would seem to me that that it is to late to refund 2010 but what about the 2011?

We have a plan that allows immediate entry into the plan for making deferrals. However, there is a one year wait to receive the match. They have two participants who entered the plan and begin making deferrals on 6/1/2010. The employer also made matching contributions to the individuals immediately rather than waiting until they were eligible. How should this be corrected? The employer wants to stop making matching contributions for the two individuals until such time as they are eligible, leave the money in the participant's match account using it to offset the future match. My feeling is that the match should be forfeited? What is the correct way to handle this?

I have calculated the gains on the late deposits for one of our clients. The total earnings that they need to remit excise tax on is approx. $1300.00. On the Form 5330, do we need to report each individual late remittance separately? Some of the gains calculations are so small on an individual principal amount ($1.00 or less) that was late that no tax is actually due on it. Is it permitted to report the late payments as a monthly total rather than each individual amount on its loss date?