Message Boards Digest

November 14, 2017

Here are the most recently added topics on the BenefitsLink Message Boards:

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mkaufman created a topic in 401(k) Plans

Sole Proprietor Is Plan Sponsor, Becomes an S Corporation

I am a sole proprietor with and a self-employed 401k plan through Fidelity. Earlier this year I created an S corporation. I have moved all of my customer contracts to the corporation. I will not operate as a sole proprietor after this year. My understanding is that I can use my existing plan with the S corporation, and that I need to change the sponsor's name and EIN on 5500SF. Does anyone see any problems with this? Or is it better to create a brand new plan sponsored by the S corporation and transfer assets from the current plan into a new plan?
Number of replies posted  9 replies      Number of times viewed  89 views      Add Reply
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thepensionmaven created a topic in Form 5500

Form 945 and 945-V

Is there a threshold for not going through EFTPS and instead mailing the withheld amount to IRS using Form 945-V? Form 945 under $2,500 does not require dates of payment.
Number of replies posted  1 reply      Number of times viewed  20 views      Add Reply
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thepensionmaven created a topic in Retirement Plans in General

Independent Auditor Report for First Year of Plan

A client has purchased the assets of another company with a chain of retail stores. The seller maintained a 401k. The new owner established a new 401k, with eligibility waived as of the effective date for those hired prior to effective date of the new plan. Technically, there are over 100 participants as of the first day of the initial plan year. An Independent Auditor Report would follow in year 2, per the question on Form 5500. According to the instructions for Form 5500, the initial plan year would show 0 participants at the beginning of the initial year and, of course, 'initial year' would be marked. Our CPA seems to think it should show the actual number of participants who are eligible to enter the plan as of January [1] Wouldn't this create a warning with EFTPS, and a letter or notice from IRS?
Number of replies posted  0 replies      Number of times viewed  19 views      Add Reply
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pjb1835 created a topic in 401(k) Plans

ADP/ACP Refund: Calculation of Earnings

Formula for determining earnings on refunds is earnings multiplied by excess divided by the sum of the beginning balance plus contributions for the plan year. What does contributions for the plan year mean? Does it have to recognize all contributions including receivables? If not, why not?
Number of replies posted  3 replies      Number of times viewed  66 views      Add Reply, Inc.
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