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Found 3 results

  1. I am looking for some guidance on the following scenario please. In January 2023 an HSA account holder intended to contribute x amount toward the 2022 tax year. Howeever, in error, he contributed the funds toward the 2023 tax year. In February 2023 all funds are transferred to a new HSA trustee in a trustee-to-trustee transfer. In March the account holder realizes the error and requests to have the January contribution recoded as a 2022 contribution. What obligation does the new trustee have to make this correction? How will this correction affect the trustee's 5498-SA filing?
  2. Small DB plan Trustee pays for investment courses from Trust assets (about $1,500 from $750,000 of assets). Could this be construed as a plan expense? I think probably not, however, in the context of a DB plan for which the Trustee is main participant and ultimately having to meet minimum funding it may not make a difference. The ultimate question is whether this type of expense is proper to begin with or legitimately a settlor or personal (to the Trustee) expense. In the context of a DC plan it could make a difference.
  3. Can a Limited Liability Company that is not a bank or trust company be named as the trustee of an ESOP? The ESOP Trustee for a client's ESOP has been an LLC that provides ESOP fiduciary and trustee services. Client is refinancing loan and being told by lender that the trustee technically should have been the individual owner/manager of the LLC in his individual capacity and not the LLC itself. I cannot figure out why. Any thoughts?
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