Randy Watson Posted October 28, 2010 Posted October 28, 2010 It was discovered that the participant counts on a fairly recent Form 5500 for a small employer are incorrect. The numbers are significantly off (37%), but this doesn't change their status as a small employer. What's the realistic harm in letting this go and not amending the inaccurate filing?
david rigby Posted October 29, 2010 Posted October 29, 2010 Another discussion: http://benefitslink.com/boards/index.php?showtopic=46850 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Peter Gulia Posted October 29, 2010 Posted October 29, 2010 I might be asking a naive question (but perhaps I'll learn something that way). If correcting the participant count doesn't change the plan's reporting treatment as a small plan, why is the plan administrator reluctant to file an amended Form 5500? Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
Randy Watson Posted October 29, 2010 Author Posted October 29, 2010 I might be asking a naive question (but perhaps I'll learn something that way). If correcting the participant count doesn't change the plan's reporting treatment as a small plan, why is the plan administrator reluctant to file an amended Form 5500? The cost/time of having someone prepare the amended return.
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