BG5150 Posted June 21, 2007 Posted June 21, 2007 Wasn't sure where to put this question, so I put it here, since it relates to a Shedule I entry. In part IV of 5330 where I report the late deferrals, which "transaction date" should I use? The date the deferrals were due to the plan? The date the deferrals were actually remitted? The date the deferrals were actually invested? Page 6 of the instrux aren't particularly revealing. Your thoughts are appreciated. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Below Ground Posted June 21, 2007 Posted June 21, 2007 While I am not 100% sure, I believe the date is the date the deposit was expected to occur. The logic for this position is that since the deposit was not made on the "due date for that deposit", it is on that date that the prohibited transaction occurred. Having braved the blizzard, I take a moment to contemplate the meaning of life. Should I really be riding in such cold? Why are my goggles covered with a thin layer of ice? Will this effect coverage testing? QPA, QKA
masteff Posted June 21, 2007 Posted June 21, 2007 While I am not 100% sure, I believe the date is the date the deposit was expected to occur. The logic for this position is that since the deposit was not made on the "due date for that deposit", it is on that date that the prohibited transaction occurred. Following on that logic, I'd suggest the latest date the deposit should have occurred. Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
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