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Found 3 results

  1. Group: I'm a new user to ftwilliam software. Even though I've drafted and worked with a number of S ESOP plan documents over the years. Ftwilliam seems to be one of a few firms in 2021 with an IRS Pre approval letter they received for their ESOP Plan document which was dated June 2020 from IRS. (ftwilliam didn't release the letter to users until Mar 2021) Even with the pre approval letter are you (as ESOP practitioners) still filing an application for determination of initial qualification (form 5300? 5307?)? Thoughts and comments appreciated.
  2. Has anyone been denied a determination letter for an IDP cash balance plan? I have a client that restated an IDP to a preapproved plan. The original IDP had never obtained a DL, so they wanted to get a DL for the original plan. We sent in the application last May (2019) and just received a letter stating that due to Rev Proc 2019-4, section 12 they are not able to issue a determination. Has anyone heard this before? The IRS agent stated that they are notifying a lot of applications of this. Any input would be appreciated, even if you just let me know it happened to you.
  3. The Internal Revenue Service announced a new correction program under which a preapproved documents sponsor may cleanse many users failures to adopt the document. https://www.irs.gov/Retirement-Plans/New-Program-Allows-Providers-of-Pre-Approved-Plan-to-Correct-Missed-Deadlines If a document sponsor has only 20 plans to cleanse, the minimum fee of $10,000 averages to $500 per plan, which is the VCP fee for a super-micro plan. But if a recordkeeper has 10,000 plans to cleanse, the maximum fee of $50,000 averages to $5 per plan. What do BenefitsLink mavens think about this?
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