Basically

Thanks!

A single member business guy setup a plan (Solo) and rolled into the plan old pension money he had from when he worked somewhere else. He is telling me some of the money is Voluntary After Tax contribution money... not Roth deferrals. He took a distribution from the VAT money rolled into the plan. Do you treat VAT distributions the same way you treat Roth distributions?

THANKS! I did end up exploring more and saw that.

My apologies Ms. Baker... I'll keep my posting more professional Thanks Bill.... I'll do that. I went to the DFVC link and this is what it said... Sheesh... I guess I can't do anything right now

I can't believe this happenned! This client is very responsive and always gets to me the annual census, financial info, and once completed the 5500 signed so that we can file quickly. Unfortunately, for 2023 I just didn't hit the file button so the 5500 didn't get filed. 2024 has been filed. They received and sent to me the love letter from the IRS saying that they don't have record of receiveing the 5500 for 2023. So... Can I still do the DFVC? No penalty letter has been received. Is there no way to plead to the IRS to let it go? I can show a long history of better than timely filing I'm going to have to eat this one aren't I. People make mistakes... there was no ill intent... it was just missed. Give a small TPA a break! What's the best way to go about this??

Like a new comp?

Very simple question... Husband and wife cpa business. Both HCEs. When they make the PS contribution do each of them have to receive the same percentage? As long as the 415 limit isn't exceeded can we do that?

I have recently connected to a new financial advisor (sinigle member RIA). This advisor actually has 2 businesses... lets call them Store-Front Advisors (SFA) and Store-Front Investments (SFI). I was just told right now that SFA sponsors a Simple. I already knew SFI sponsored the 401(k). Since the advisor owns both businesses that means it's a control group. My question is... is it possible for this advisor to fund the Simple through SFA and fund the 401(k) through SFI for the same year? If there was only one business I wouild advise that it is not possible to fund both plans. But there are 2 separate businesses (owned by the same person). If so I assume we combine both plan contributions to ensure 415 limits are not exceeded. Thanks for any insight.

Thanks! I have a few FYE plans left from back in the good old days and understand what IRS limits to use when performing contribution calculations. This plan is a farmer which is maybe why they have a business FYE. Since this is a new plan to me, maybe this might be a good time to align the plan to the business' FYE to keep them both in sync? Do the Dec 31, 2024 year then move to a June 30, 2025 PYE with a short year admin? Make sense?

I have never run into this situation where the business has a June FYE and the plan has a calendar PYE. Is this common? Allowed? A nightmare to administer? Thoughts? recommendations? Thanks

Single member plan, no other employees. Just the two 1099-Rs. If the 1099 is filed electronically the deadline is March 31. Any reason I couldn't efile the 1096 and 1099-Rs?

I just learned that the 1099-Rs for a 2024 RMD and plan closing rollover to an IRA were not filed. I created the forms but the 1096 needs to be signed. What are my options? Can I sign the form as a "paid preparer"? Could I apply for a PTIN and file the return?

Thank you all for your help. The adoption agreement indicated "add just enough" opposed to "amend". I also reached out to ftWilliam (Wolters Kluwer now I guess) support who assisted me to ensure I followed what the basic plan document says. They also helped me use the compliance software procedure correctly (I was not clicking one of the checkboxes). All good

Thanks! I will look at the document

I had 3 employees terminate during 2024 in this dentist practice. As a result the 410(b) average benefits percentage test has failed. The solution is to overide the test and add back into the mix one of the terminated employees. Does it matter which employee I override and provide a PS contriution to in order to pass the test? Of course the obvious choice would be the one who earned the least because that the contribution amount would be smaller.