I am taking over a plan that was previously a Solo K. The plan was making deposits after their tax deadline with extensions for a few years.
For example. They would fund their 2022 contribution after their tax deadline with extensions - but, not actually extend their taxes. They were provided bad advice by the previous administrator that they had until 9/15 - of any given year to make the previous years contribution.
I am not exactly sure how to fix this or what the ramifications might be - as it is all owners money - Solo K.
Any thoughts?