Guest Toni Sorenson Posted November 16, 1999 Posted November 16, 1999 We have taken over a one person money purchase plan. The plan started 1/1/96. Both in 1997 and 1998 no money purchase contribution was made. Is there any way this plan could be exempt from making the maditory contribution or will they have to be made up. Also, for 1997 a 5500EZ was filed stating no contribution was made.
bzorc Posted November 17, 1999 Posted November 17, 1999 Was the plan terminated in some way? If not, your plan is subject to excise taxes for failure to meet minimum funding standards. I would think that the contributions should be made up ASAP!
Dave Baker Posted November 18, 1999 Posted November 18, 1999 Is the sponsor a sole proprietor or instead an incorporated business?
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