Large plan, no auditor's opinion

[Cynchbeast]

We have a plan that for 2012 transitioned from small to large plan (now @ 130+ participants). Due to miscommunication, the sponsor has not yet obtained an auditor's opinion and the filing deadline is days away.

Any experience in filing Schedule H and checking NO to question 3d (Did the accountant perform a limited scope audit).

[Lou S.]

No direct experince sorry but some anectdoal experience from others.

1. Is it possible they had under 120 at BOY and can file as small plan for one last year using 80-120 execption? Sounds like no but might be worth double checking.

2. You can file w/o audit but unless plan meets one of the limited exoections (and it sounds like you done) then technically you have an incomplete filing. Expect the DOL to be asking for the audit very quickly if they even accept the filing. Prior to EFAST2 I understand some plans used this as an unoffical extension to get the audit done last but the filing considered timely, I'm not sure how well that works anymore. I don't know how they treat this with respect to timliness of filing.

3. Consider not filing now and using the DOL late filier program as soon as the audit is done, that may be cheaper then the penalty for late filing if you get it done before the IRS issues a notice.

Good luck.