late deposit for corp with 2 owners, no EEs

[Guest JL Sperry]

Corporation has two owners, they are not married. Other than owners, there are no employees. Two late deposits (about 2 weeks late). Is there any leeway? Or are they late, reported on 5500, 5300, etc?

[Peter Gulia]

How confident is the plan's administrator that a contribution really was "late"?

Depending on the kind of business organization, the form and nature of each owner's shares or interests, and other facts and circumstances, an owner might not have a fixed wage-payment date from which the plan's administrator would segregate a participant contribution or compute a matching or non-elective allocation that turns on a measure of compensation.

What (if anything) does the plan document say about when each kind of contribution is due to the plan?