vacat

Agreed. Per form 945 instructions, line 7 - Monthly Summary of Federal Tax Liability Report your liabilities on Form 945-A instead of on line 7 if either of the following applies. • You were a monthly schedule depositor for 2020 and during any month you accumulated nonpayroll taxes of $100,000 or more. Because this converted you to a semiweekly schedule depositor for the remainder of 2020 (and for 2021), you must report your liabilities on Form 945-A for the entire year. Don't complete entries A through M of line 7. For more information, see the $100,000 Next-Day Deposit Rule in section 11 of Pub. 15.

PPP rules confuse everyone, since they are being continuously modified by SBA and/or your bank. IMO they can be included, assuming that they are paid by the required due date. The PPP application asks for information from your tax returns (2019 and/or 2020) to determine the amount of your PPP loan (as opposed to PPP forgiveness which requires you to actually spend the money during the period) You are permitted to accrue the profit sharing expense under the cash basis, as long as it is paid within 75 days of year-end on most business types. Sole proprietors (Sch C filers) have until the due date of their returns (including extensions) to pay the profit sharing contribution. Without looking, not certain if this same rule also applies to other business types.

I guess that I was worrying over nothing seriously wrong. Thanks for all your replies.

Thanks for the replies. I guess I was not clear that I closed out the Vanguard accounts by transferring them in full to Etrade and updated the existing plan by adopting the Etrade prototype plan. I one have only one 401K plan. My understanding is it is only one single 401K plan with 2 options - Traditional & Roth and each has a separate brokerage account. I will be filing only a single form 5500EZ with my 12/31/20 balances as shown on Etrade statements, as I had a single plan for the 2020 year - my plan was NOT closed, it was amended to adopt the new sponsor. I filed one return for 2019 & will file one return for 2020, with the only difference is the plan sponsor. Wanted confirmation that I am correct. This is interesting I would think if audited by IRS the names should match (5500 filing & statements) or be reasonably similar. An account held as a self-employed individual (schedule C) is NOT the same person as a corporation (PC). Currently it appears like I have a self-employed plan (sch C), not a corporation plan. Since you are in the biz, how would you title the accounts?

Hope someone can clarify this situation for me on the correct titling of my solo 401k plan (traditional 401K & Roth 401K accounts) Facts: I operate a business as a professional corporation (PC) with myself as the only employee and adopted an updated plan recently with Etrade as a simplified (prototype) 401k plan, Etrade is the custodian & I am the trustee. I amended my former Corporate 401K documents held at Vanguard by transferring balances that are in excess of $250K to Etrade. Etrade insists that the title of my brokerage accounts account is my personal name (not the corporation name) i.e. Joe Doe individual 401K plan - NOT Joe Doe, PC 401K plan FBO John Doe (same for Roth 401K account) even thought I completed the plan applications in the PC name as the business (Etrade has my 401K account statements are in my personal name -John Doe Individual 401K Plan) I think the statements must be in the PC's name & Etrade says it does not matter since the account was set up in the PC name on their records (not shown anywhere on statements) and they are only the custodian. Who is correct? Do I have a potential problem of an invalid plan? Will my corporate contributions to this plan be a problem? What about filing form 5500EZ? Will this be a problem if plan name does not match statements name? Thanks