Message Boards Digest

October 7, 2022

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

austin3515 created a topic in Form 5500

Form 5500 Sans Audit Report -- $20,000 Penalty Assessed

"We had a 6/30/2021 filing sent in without the audit report around April 15, 2022 and within 45 days the IRS had sent a penalty assessment letter (around $20,000) which appeared to us be a significant change in approach. Can others indicate whether or not they had similar experiences? We used to just file without the audit and amend when it was available. But now I'm wondering if a change in approach would be to not file at all and use the DFVC. Has anyone else had to deal with this?"

13 replies so far   |    Click Here to Add a Reply

justatester created a topic in 401(k) Plans

Mergers and Terminations -- When is ADP Deadline?

"A plan merges into another plan effective on 10/1/2020. The plan performs a short year test from 1/1/2020-9/30/2020. It fails ADP testing. When are corrections due to avoid the 10% excise tax? 12/15/2020?

Similar situation, except plan actually terminates effective 9/30/2020. When is the deadline to correct ADP without penalty?"

2 replies so far   |    Click Here to Add a Reply

Jeannine created a topic in 401(k) Plans

Small Business Retirement Plan Options -- Looking to Avoid Expenses of 401(k) Sponsorship

"A husband and wife own two businesses. Each own 50% of each company. One company sponsors a Solo(k). There are no employees under that company other than them.

The other company wants to set up a retirement plan for two workers. One is a W-2, the other is a 1099.

Can they open a SIMPLE IRA? Any other options? Could husband and wife opt out of this plan, or can they also contribute? Can the 1099 worker be included or does that individual need a SEP-IRA established for him or her?

Their goal is low administration on the plan for the employees, so they're thinking they don't want to establish a regular 401(k)."

2 replies so far   |    Click Here to Add a Reply

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

Using the PTE That Allows a Plan Distribution to the Paid from Sponsor's Corporate Account

"Regarding the PTE that permits a plan benefit to be paid from the employer's corporate account due to the plan's illiquidity as long as there's an agreement in place for an interest-free, unsecured loan, does anyone know if there are any limitations for the term of the loan or repayment frequency?

For example, can the loan be for 18 months with the entire amount repaid with one payment at maturity or sooner?"

2 replies so far   |    Click Here to Add a Reply

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