AmyETPA

Thanks, that's what we had decided to attempt. I'm hopeful as we do have proof of shipment for these, just not something we want to deal with on October 5th!

@RatherBeGolfing 146!

We sent a large group of 5558s to the IRS via Fed Ex on July 27th. Our clients have now started receiving denials of the 5558 because they were not received timely. Tried calling the IRS and they have too many calls and the line just hangs up on you. I know this happened back in 2010, wondering if anyone else has had this issue this year?

Participant takes CRD during 2020 and repays the CRD during 2020. Do we reflect the CRD on the 5500 and then show it going back in? Or because they offset do you not show it?

I've figured out that because it's not actually a sale but a closure because the owner is retiring we have to maintain for the full year. They will actually be operating at a loss this year so there is always that way out.

Business will be terminating this year as owner is retiring. They want to terminate the safe harbor 401k effective 9/30/21 as to get everyone paid out by YE. Not sure of actual termination date of business but intent is to get everything wrapped up by eoy. I assume this would qualify as a reason that a plan could maintain safe harbor status for a short year but want to confirm.

Been filing 5500SF for this client, 2 owner LLC taxed as an S-Corp. Should I now be filing an EZ? 2 owners are the only employees. No unqualified assets

Client has a discretionary match formula, first half of the year they've done 100% up to 2% but starting July 1 will increase to 3%. They however want to leave the participating sponsor employees at the 2%. My thought is that is acceptable as long as they pass ACP and as long as there isn't a disproportional amount of NHCEs in the participating sponsor. Would you agree?

Plan reports show funds distributed and it is reflected as a distribution. The following plan year the vendor reflects the funds as unclaimed property and returned back into plan. How is this reflected on the 5500? The funds were also then redistributed and cashed

Client has a pooled trustee directed 401k trust. Trustee has a 5 year fixed annuity held in the plan showing the Trustee as the annuitant and the 401k plan as the beneficiary. Annuity has matured and funds were distributed to the plan in 2020. Client received a 1099R reflecting this as a distribution with the Plan as the Taxpayer and code 1 as the distribution code. This doesn't seem right to me but this is about the only annuity I have held in a plan so wanted to be sure I'm not leading the client astray. Should a 1099R have been issued in this case? I would say not because it was distributed from the plan to the plan.

Taking over a plan that is 401k and does not have profit sharing as an option in their current document. Never encountered this before and we always have the profit sharing as an option in our plans. Client wants to add PS for 2020. I believe that is permissible but making sure I'm not missing something.

John Hancock Sch C Report showing RIA information. Compensation paid to the RIA has been reported on Sch H as a plan expense. Do you list the RIA on the Sch C? Do you contact the advisor to be sure you are correctly referencing this is Direct, Indirect, EID etc? I doubt the advisor will have any ideas but I want to be sure I am properly including this and feel like I'm not 100% positive I'm doing this part correctly. Thanks for any input.

Thanks, that was my thought but was second guessing myself.

Owner is thinking about retiring and shutting down his business, no sale. Since business is terminating would plan still be considered safe harbor even if terminated mid-year? It's not a sale or merger so I'm questioning myself.

Thanks for your input, I agree with all of your takes. This is a client with a lot of highly paid employees and this guy has been there a long time and has a significant balance so they are trying to be accommodating but that just doesn't fly in retirement plan world.

all of our plans with pooled trustee directed accounts allow for distribution in the first plan year following termination of employment. Client has a termed participant they want to get paid out immediately and is considering amending to allow immediate distributions. How many allow for immediate distribution from a pooled plan? Are there any drawbacks to be considered? I know that if they did amend to allow immediate that we couldn't then amend back due to anti-cutback. This plan is PS only with EOY requirement.

For small sized TPAs, what kind of backup material, if any, are you keeping on file to support your PPP need for the loan application? Ours was approved but we are wanting to be sure that we are able to prove that it was needed.