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M Norton created a topic in SEP, SARSEP and SIMPLE Plans
Single-member LLC dentist sponsored a SIMPLE IRA for about 8 years. He sold his practice mid-2018 and all employees now work for the new dentist's company. What happens to the SIMPLE IRA accounts? Should notices be provided to the employees or to the custodian of the SIMPLE IRA accounts? Could the new dentist assume sponsorship of the SIMPLE IRA or would he need to start a new plan if he wants one?
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TPAexplorer created a topic in Operating a TPA or Consulting Firm
We are a small TPA firm located in Eastern Suffolk County, NY looking to work with another small TPA firm. We are open to merging with or purchasing another small TPA firm on Long Island. We would also consider other options, if presented. If anyone is interested in exploring growth opportunities with us, please email TPAexplorer@gmail.com
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jeff77 created a topic in 401(k) Plans
I am looking for a book that has sample forms, letters, amendments etc. in it. On a side note, does anyone have a sample spinoff amendment they would be willing to share?
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mariemonroe created a topic in SEP, SARSEP and SIMPLE Plans
A correction method exists for the situation where an employer maintains a SIMPLE plan but it's become ineligible to do so. But have you encountered a situation when an employer was ineligible to adopt a SIMPLE plan from the outset? Now, 10 years later, the employer realizes it has a problem.
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Mike318 created a topic in 401(k) Plans
401k plan excludes DOP comp only. Can/should comp payments to 409A plan be included as compensation for 401k plan?
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sunnyj created a topic in 401(k) Plans
In our area, we have only 2 firms that we are able to choose from to provide a 401k. One is a an SEC-registered firm that is not as established, and the other is a non-SEC registered firm (it used to be, but since has decided not to be registered) having over $100 million in assets. I'm very uncomfortable going with the non-SEC registered firm because the SEC website shows they are non-exempt. (The firm says it's not required to be registered because it's a trust company that falls under the definition of "bank.) The other decision-makers don't see it as a significant issue. What am I missing here?
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coleboy created a topic in 401(k) Plans
Potential client wants to start a 401k plan. It's a day care/pre-school located within a church. The church considers the day care to be a "ministry" of the church. It uses the same EIN as the church but its fiscal year is different. Anything special that needs to be done for this set-up? Shouldn't the day care have its own EIN?
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K-t-F created a topic in Form 5500
From the Form 5500 Instructions (2017), a "one-participant plan" is: "a. a pension benefit plan that covers only an individual or an individual and his or her spouse who wholly own a trade or business, whether incorporated or unincorporated; or b. a pension benefit plan for a partnership that covers only the partners or the partners and the partners' spouses." Thus, a "one-participant plan" can cover more than one participant. On the other hand, merely covering only one participant does not make you eligible to file as a "one-participant plan" unless you are one of the types of plans described above. A CPA is saying that his client who has 1 employee who works 10 hours a week and does not meet the 1,000 hour requirement would still be eligible to file a form 5500EZ. Based on the above, that would not be the case, it seems to me. Agree?
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