Message Boards Digest

June 28, 2022

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

thepensionmaven created a topic in 401(k) Plans

Code C - Box 12 W-2

"Reviewing my client's W-2s, I noticed box 12, Code 'C'. I have not seen this before. Looking at the instructions, it's the cost of employee portion over $50K of coverage, I guess. Would this be considered a 'fringe' benefit, to be added back to W-2, similarly to employee contribution to 401(k)?"

3 replies so far   |    Click Here to Add a Reply
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Tax Cowboy created a topic in Employee Stock Ownership Plans (ESOPs)

ESOP Loses Tax-Qualified Status -- Trustee's Obligation to Participants?

"Group: Client's ESOP has been under audit for 2018-2020 by IRS, which recently issued its notice of deficiency stating the plan was ineligible (much of which related to a former ESOP advisor and a much longer story). The TPA has determined there are 2 participants who left the company in 2020 and have not received distribution of their vested shares. The distribution amount would be approximately $20k each. We're assessing what steps to take for plan participants shares, if any.

[1] Is the trustee/plan administrator still obligated to pay distributions for a plan year that has resulted in being disqualified? [2]] Wouldn't any share value be zero, such that participants, even if fully vested, would have no distribution?

Client plans on filing in tax court to challenge. [3] Does trustee have ability to freeze plan until a court has resolved the issues?"

1 reply so far   |    Click Here to Add a Reply

BG5150 created a topic in Form 5500

Filed Late, Got IRS Letter; Any Options?

"Employer filed 2020 Form 5500 in February, 2022. No DFVC (still looking into why). Got a letter from IRS looking for $22,000. Any options, other than pleading for a reduction?"

4 replies so far   |    Click Here to Add a Reply

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