Guest Frank Young Posted November 8, 2001 Posted November 8, 2001 My client has an attorney designed profit sharing plan. He is the only participant. Attorney says plan must be amended under IRS rules by 12-31-01. Cost will be about $2,000. I believe he can get around amending by switching to a P/S prototype plan such as a brokerage firm has in place. An IRS plan specialist says he can do this & he can even use the same plan number on the 5500 for this year & need not even mention the switch on the 5500 nor is it necessary to advise IRS by doing any special filings. Sounds like what I want accomplished but have I been given the correct information?
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