austin3515 Posted February 25, 2011 Posted February 25, 2011 CPA is asking if the lost interest on late deposit of 401k contributions is deductible. Any citations I can point him too? Austin Powers, CPA, QPA, ERPA
PensionPro Posted February 28, 2011 Posted February 28, 2011 Maybe this helps, maybe not. Sec. 6.02(4) of Rev Proc 2008-50 states that corrective allocations and earnings come from employer contributions (or forfeitures) and that the normal rules of section 404 apply. PensionPro, CPC, TGPC
austin3515 Posted February 28, 2011 Author Posted February 28, 2011 It does help, thank you! I also found in the EOB that "restorative payments" resulting from fiduciary breaches would also be subkect to those same rules (which is slightly more on point). Austin Powers, CPA, QPA, ERPA
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