wsp Posted February 28, 2004 Posted February 28, 2004 5500 was filed with a contribution amount that was higher than what was deducted on tax return. Please tell me this is a simple amended return issue. Will the IRS/DOL levy any penalties or fines in this case? The accountant's provided me an amount than changed it just prior to filing becuase the client didn't have the cash flow to support it. Didn't tell me of course. One person plan so redoing allocation is not an issue...
jquazza Posted March 1, 2004 Posted March 1, 2004 Problem could have been avoided if the 5500 was filed on cash basis. /JPQ
Mike Preston Posted March 1, 2004 Posted March 1, 2004 Agreed. But I've always avoided the cash basis method because having administration reports that don't match the 5500 is a disaster waiting to happen.
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