We have a client who established a SEP with Schwab in 2007 using the Schwab protoype document. In 2016 the client opened SEP IRA accounts with TDA and transferred all their Schwab dollars to TDA. The client also made a contribution in 2016 directly to the TDA accounts. The client did not update the documents of the SEP arrangement. Is there a problem with using Schwab prototype documents but opening and contributing directly to TDA accounts without restating the plan?

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QSLOB company. Do we count hours for satisfying the 1,000 hour requirement for an allocation of the discretionary non-elective contribution after an employee has transferred to the main company during the plan year?

Employer A merges with employer B. Employer B gives stock in B to A in exchange for all of the stock in A. (I would say this is treated like a stock sale.) Employer A never terminated its plan. A wants to terminate its plan so the owner can do a rollover. Typically since B now owns the stock in A it would decide what to do with A's Plan. But our plan document says that if the employer is acquired and the new employer doesn't continue the plan then the plan terminates automatically. B would eventually want to start a new plan (maybe next year) but they haven't yet done so, leaving A's plan alone for the moment. Can the owners of A rely on that provision in their plan to pay their plan out rather than be forced to merge it with B's future Plan or relinquish control of its plan to B?

A payroll client had expressed interest in setting up a 401k plan. On the way out of the meeting, they casually mentioned to the salesperson that they currently have a 403(b) plan. They are a church organization. They said that they had no plan document, etc. I checked the payroll system and see employer contributions. Could the organization have a 401k plan as well? What would happen with the 403(b) plan?

I had a Self-Employed Plan for my LLC (no employees) with Vanguard for the past 4 years. I'm over 50, making max contribution. While talking to Fidelity after opening the plan with Vanguard, Fidelity suggested I open another plan with them to take advantage of a "brokerage" feature in their plan (Vanguard did not provide one). So I opened another plan with them, having plan number 002 (Vanguard plan is 001). I'm just been told that with the 002 plan assets exceeding the limit, I must file a Form 5500 next year. Do I need to file 5500 for both 001 and 002, or just for 002 where the assets have exceeded the limit? In order to make my life simple, I'd like to close the 001-Vanguard plan, move everything to Fidelity since after an initial contribution to vanguard when I first opened the plan I've been making contributions only to Fidelity-002 plan. Could someone please let me know what is the best way to do this and what paperwork other than 5500 (termination of plan) do I need since there are no employees, just myself?

Essentially have a father/son medical practice. Father owns 100% and is taxed as a sole proprietor. Son has been practicing at the business for years as an employee. Multiple CPAs have advised them that the son should incorporate and work for the father as a contractor, and that one of the advantages would be the ability of the son to set up his own 401(k). Is that true? Even if the son were no longer an employee, how could they get around the controlled group issues?