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Showing results for tags 'late funding of ER contributi'.
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I found out that one of my plans did not fund their 2012 ER (P/S and SHNEC) by 9/15/13. the owner had deposited $5500 out of the corporate account into his and his spouse's 401k brokerage account in August 2012 and in July 2013 they were told this wasn't allowed (not deferrals from salary). he was fine with that and we instructed the broker to move that money out and into the pooled account (plan only allows individual accts for 401k deferrals, trustee directed pooled account for ER $). Earlier this month I requested copies of all the brokerage statements for 2013 and found that this money was never moved. The client did deposit a check last August for the difference still due for the 2012 P/S and SHNEC, but I am short $11,000. The tax return was extended. Where can I find the cite to correct this? I have told the broker that she needs to move that money asap (she was told to move it 3 times last year) and that Lost Earnings need to be made up on that money. From 9/15/13 for the P/S and 12/31/13 for the SHNEC? Does anyone know where on the DOL or IRS sites I can find info to forward to the broker on the correction? The bottom line is that she didn't do what she was supposed to do.
