Message Boards Digest

September 29, 2020

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

Cynchbeast created a topic in Defined Benefit Plans, Including Cash Balance

DB Contribution for Sole Proprietor

"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?"

1 reply   |    45 views   |    Add Reply
[Sponsored] Announces 8th Edition of Who's the Employer (WTE)

Sponsored by Burrmont Compliance Labs LLC
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. or 612-605-2266

Darren G created a topic in Employee Stock Ownership Plans (ESOPs)

Converting an LLP into a C Corporation So Owners Can Use a 1042

"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?"

0 replies   |    18 views   |    Add Reply

bzorc created a topic in Distributions and Loans, Other than QDROs

Reamortization of COVID Loan: When Is New Loan Ending Date?

"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!"

2 replies   |    29 views   |    Add Reply

ajustice created a topic in 401(k) Plans

415 Limit as Applied to Year of Late Profit Sharing Contribution

"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?"

5 replies   |    42 views   |    Add Reply

Stash026 created a topic in 401(k) Plans

Under $250,000 in Assets -- Form 5500 Required?

"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."

3 replies   |    36 views   |    Add Reply

Here are the most recently posted jobs on, a service of BenefitsLink:

View job as Retirement Recordkeeping Operations Manager

Retirement Recordkeeping Operations Manager  View details

The Trust Company of Tennessee
Telecommute / Knoxville TN

View job as Commissioner, Tax Exempt and Government Entities Division

Commissioner, Tax Exempt and Government Entities Division  View details

Internal Revenue Service [IRS]
Telecommute / Washington DC

►View More Jobs

►Post a Job

►Get Instant Job Alerts, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

Copyright 2020, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than and are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe | Privacy Policy