S-Corp and delinquent contribution reporting

[TPApril]

In general, can owner 401k be treated differently from employees.

S-Corp deposited 401k contributions late in 2009. In 2010, he paid lost earnings on the late contributions, including his own. Did he need to pay lost earnings on his own amounts? Furthermore, does his amount need to be reported on the 5500? It would be a difference of $10,000, reducing the amount reported for 2010 from $13,000 to $3,000. If that is possible, would that be worth amending?

[K2retire]

Because the corporation is considered to be a separate legal person, independent from the owners, the IRS considers the owner to be just another employee whose deferrals must be made timely.