BG5150 Posted October 11, 2012 Posted October 11, 2012 Did anyone ever answer "No" to question 8, did the sponsor provide an individual statement? What are the ramifications? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Andy the Actuary Posted October 11, 2012 Posted October 11, 2012 "Ramifications" are what caused Mary to have a little lamb. Guess is nothing good can ever come of checking "no" to a box that IRS is looking for a "yes." The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Tom Poje Posted October 12, 2012 Posted October 12, 2012 sort of like the old schedule T did the plan pass coverage? since it didn't, I better check NO
mbozek Posted October 13, 2012 Posted October 13, 2012 Did anyone ever answer "No" to question 8, did the sponsor provide an individual statement?What are the ramifications? IRC 6057(e) requires that the statement be provided to terminated participants with a vested benefit. IRC 6652(d) provides a penalty for failure to furnish statements up to $5,000 unless plan has reasonable cause for not filing the statements. mjb
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now