rfahey Posted March 15, 2011 Posted March 15, 2011 Company A owned 50% each by husband and wife has had a SIMPLE IRA plan for several years. THey set up another company in 2010 owned 25% each by husband and wife and another 25% each by 2 other non related businessmen. Do they need to cover the new company in the plan ?
Belgarath Posted March 15, 2011 Posted March 15, 2011 What you describe is not a controlled group, barring unusual attribution from stock options, etc... Even if not a CG, it might possibly be an affiliated service group, but that's very specific to facts and circumstances, and you should have their attorney make a CG/ASG determination anyway.
rfahey Posted March 15, 2011 Author Posted March 15, 2011 Would it matter if husband and wife have anew baby now ?
12AX7 Posted March 16, 2011 Posted March 16, 2011 If the wife from Company A had a baby with each of the two businessmen from Company B (while still married to the Company A guy), then I would say you have a controlled group. Sorry, couldn't resist this now that 3/15 has passed. I actually had a similar circumstance once, but not to this extreme.
QNPG Posted March 16, 2011 Posted March 16, 2011 If the wife from Company A had a baby with each of the two businessmen from Company B (while still married to the Company A guy), then I would say you have a controlled group. Sorry, couldn't resist this now that 3/15 has passed. I actually had a similar circumstance once, but not to this extreme. Thanks, I really needed a good laugh. "Great thoughts reduced to practice become great acts." William Hazlitt CPC, QPA, QKA, ERPA, APA
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