Audit for NQA assets held in foreign bank

[Guest babs51]

I have a one man plan, who is not an owner - he is an employee. It is a 0% MP plan that holds rollovers from various DB plans only - never had a contribution, never will. Plan does not satisfy the small plan audit waiver because some assets (3.7 mil of 5 mil) are held in a foreign bank. Therefore, no bond can be purchased in the amount of the NQ assets either. Audit will not be completed by 10/15/10.

Questions - Is it better to file on time with no audit or file late under DFVC?

[Effen]

I would say file without the audit. The return may get bounced for not having the audit report, but hopefully by then the audit will be done.

[jpod]

I feel differently. If you are going to the trouble and expense of paying for an audit (granted, it is because you must do it), why not wait and pay the $750 dfvcp fee and everyone can then sleep at night?