cybertruck

I live in the Kansas City area but I am fine with phone and email. I would rather find a TPA based on qualifications than location. I would definitely appreciate a referral if you know someone who is capable of helping me with this issue.

Thank you both for the advice. I am searching for a TPA now. And no, I did not know that TPA stood for Third Party Administrator. I actually paid (wasted) money on a "Retirement Specialist" to help me figure out what to do, and he recommended closing the plan immediately. His reasoning was "no reason to wake a sleeping giant". I also solicited the help of several CPA's that could not help. Finding someone knowledgeable enough to help me resolve this problem correctly has been a chore in and of itself.

I have a solo 401(k) account that was set up in 2003 when my business was a sole-proprietorship. A few years later I switched our company plan to a Simple IRA since at that time we hired employees and were no longer eligible for the solo 401(k). I neglected to formally close the plan and in 2017 the balance grew to over $250,000 and I am now delinquent on 2 years of filing form 5500ez. Penalties of $250 per day up to a $150,000 maximum penalty. My plan is to file for penalty relief for 2017 and 2018(reduces penalty to $500 per delinquency, roll the account balance into my TIRA and possibly close the plan. The balance grew solely from investments; no contributions since switching plans. Alternative plan: I have read that as long as no contributions have been made, the plan can remain open in a "frozen" state. I was considering keeping the plan open If I can still take out a 401(k) loan from the account while the plan is in this frozen state. I'm just not sure if this is allowed or even advised. Any knowledge and recommendations would be appreciated. Thanks!!