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BenefitsLink
Message Boards Digest
September 29, 2020
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Here are the most recently added topics on the BenefitsLink Message Boards:
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Cynchbeast created a topic in Defined Benefit Plans, Including Cash Balance
"We have a DB plan for a Sole Proprietor. His net Schedule C after FICA deductions but before deduction for contribution was $10,000. The contribution for 2019 was $9,293. Is this okay?"
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[Sponsored]
S. Derrin Watson JD, releases 8th Edition, WTE. Over 30% NEW material. Dozens of new examples. Full explanations of how employer and employee status impact testing. Improved organization-easy to find answers. sales@erisapedia.com or 612-605-2266
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Darren G created a topic in Employee Stock Ownership Plans (ESOPs)
"If a firm is structured as an LLP, there are no shares. Can an LLP convert to a C Corporation? If an LLP owns a company, and they want to sell 30% to the employees via an ESOP, can they 'convert' the LLP to a C Corp so the owners can use a 1042? Is there any way to enable the owners to get 1042 treatment?"
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bzorc created a topic in Distributions and Loans, Other than QDROs
"Participant takes a COVID loan on 9/1/20, and defers payments. When this is re-amortized for payments to begin after 1/1/21, does the loan ending date become 12/31/2025? The participant seems to think that he can go to 12/31/2026, but, truthfully, after reading the literature on COVID loans, I can safely say I have no idea!"
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ajustice created a topic in 401(k) Plans
"I have a plan that did not make their 2018 profit sharing contribution until September 15, 2019. Under the correction methods, they're allowed to make that contribution, but they have to make sure that the 415 limits for 2019 still pass including the 2018 profit sharing amounts. I have one person who terminated in 2018 so does not have any 2019 compensation -- so their 415 limit would be exceeded for 2019. Because this is a new comparability formula with each participant in their own class and their contribution was necessary to pass the test in 2018, can this money be removed from this participant and put in suspense or reallocated?"
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Stash026 created a topic in 401(k) Plans
"Is it still accurate that if a plan has less than $250,000 in assets they don't have to file a Form 5500? I know I've heard it before, but I don't see it in the instructions for the forms."
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Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:
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The Trust Company of Tennessee
Telecommute / Knoxville TN
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Internal Revenue Service [IRS]
Telecommute / Washington DC
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BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146
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Lois Baker, J.D., President loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher davebaker@benefitslink.com
Holly Horton, Business Manager hollyhorton@benefitslink.com
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Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.
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