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Found 2 results

  1. Tax Cowboy
    Group: Client's esop has been under audit for 2018-2020 by irs TEGE. The IRS recently issued its notice of deficiency stating the plan was ineligible. (much of which related to a former esop advisor and much longer story) The TPA has calculated that there are 2 participants who left the company in 2020 and have not received any distributions for their vested shares. The distribution amount would be approximately $20k each. We are assessing what steps to take for plan participants shares, if any. Q:Is trustee/plan administrator still obligated to pay distributions for a plan year that has resulted in being disqualified? Q: Wouldn't any share value be zero? $0. So partipcants even if fully vested, would have no value. Client plans on filing in tax court to challenge. Q: Does trustee have ability to freeze plan until a court has resolved the issues? Thoughts and comments appreciated. Thank you
  2. MGOAdmin
    If the IRS disqualifies a prviously qualified plan: 1. If a participant was an NHCE then bcame and HCE only in the last year, is his full benefit taxable? 2. Of the taxable distribution, is he required to pay a 10% penalty is he is under age 50?
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