Guest Patrick Foley Posted November 27, 2001 Posted November 27, 2001 A law firm that dissolved years ago continues to maintain a profit sharing plan, primarily because it would be better protected in the event of a malpractice claim. The plan has an active administrative committee that has succeeded to the employer's powers; the trustee is a bank. The IRS is reputed to believe that such a plan is not qualified, but I am not aware of any published authority on point. Is there any such authority? If not, is it reasonable to expect that an IRS audit could be settled without plan disqualification or serious sanctions?
Recommended Posts
Archived
This topic is now archived and is closed to further replies.