Dougsbpc Posted May 2, 2006 Posted May 2, 2006 We administer a small takeover PSP where the company owner / participant took out a $50,000 loan three years ago. He paid off the loan in full with interest within a year of taking it, however he should have made quarterly payments. As soon as we took over the plan, they received an audit notice. the plan was audited and the loan was determined to be a taxable distribution. I dont believe audit CAP is available because it is not a disqualification issue. Also, it appears no other correction program is available because the plan has been audited. Has anyone had this experience?
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