Lori H Posted March 8, 2017 Posted March 8, 2017 a one participant start up DB plan that will contain life insurance....advisor is asking for a trust ein. I don't think it's necessary. Is it?
RatherBeGolfing Posted March 8, 2017 Posted March 8, 2017 If that is what they want to set it up properly on their side, what is the harm? It will take you 5 minutes to prepare the SS-4 and 5 minutes to get the EIN online...
AndyH Posted March 8, 2017 Posted March 8, 2017 Necessary is a strong word. Highly advisable yes to comply with tax reporting requirements including PS-58 costs. RatherBeGolfing 1
shERPA Posted March 8, 2017 Posted March 8, 2017 IRS seems to say so, although they say "should" instead of "must": https://www.irs.gov/Retirement-Plans/How-to-Obtain-or-Re-Establish-an-EIN-for-a-Retirement-Plan-Trust How to Obtain or Re-Establish an EIN for a Retirement Plan Trust Retirement Plan Trustees should apply for an EIN for the plan’s trust in order to properly: report Form 945 deposits and other income tax withholding information, and provide Form W-9 to requesters of tax identification number certifications. Trustees should not use the EIN of the Plan Sponsor for these purposes. See the EIN application page for further information. I carry stuff uphill for others who get all the glory.
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