katieinny Posted September 17, 2003 Posted September 17, 2003 A plan goes over the limit for the first time in 2001 and does the audit as required. Then the plan terminates in 2002 and all assets are out by 12/31/02. We're doing the final 5500 and hate to force a financially strapped client to pay for an audit for a terminated plan. Is there any relief from this requirement for terminated plans? If we file the final 5500 without an audit, does the client risk a penalty? If so, how much?
E as in ERISA Posted September 17, 2003 Posted September 17, 2003 More than the cost of an audit: $50,000
katieinny Posted September 17, 2003 Author Posted September 17, 2003 I guess you're saying that there is no relief from the audit requirement for terminated plans.
david rigby Posted September 17, 2003 Posted September 17, 2003 It is tempting to respond as: - No. - Yes. - How much ya got? I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now