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Showing results for tags 'audits 5500s'.
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Group: Clients' retirement plan form 5500 tax yr '17 was audited.beginning Aug 2019. We only had one request to amend plan documents. Such plan amendment was made months ago. We just received Form letter 1744 signed by area manager. Which notes audit has been completed and on 2nd page states amendment was signed. Is this the final closing letter? Can the IRS now open up following tax years? Thoughts and comments appreciated. -
Received a call from CFO of a client with 300 employees, 260 eligible,40 deferring...CFO filed 5500's 2009-2014 -- thought that plan did not need an audit. Hired a new CPA who asked about copies of audits. Nada! Frankly, I've never had anything but late audits...with no meaningful consequences. 4 questions: Is this similar to a DFVC event [since I was always told that the DOL considers a failure to attach the audit as a non-filing]? Can they get just one massive audit that covers all years and just refile the 2014 5500 + 2009-2014 audit attached, as an amended 2014 return, with DFVC and amended return boxes checked? -- or-- Must they refile every separate 5500 and have separate audits, year by year? Does the CFO need to commit hari-kari, kamikaze or "It's a Good Life" type action??? Thanks in advance.