Message Boards Digest

February 27, 2023

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

Basically created a topic in Investment Issues (Including Self-Directed)

Onshore of Offshore Investment...

"The client wants to invest in some type fund which has a US investment side and an offshore investment side. The fund recommended offshore due to tax reasons.... UBTI. No UBTI if it is foreign?"

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Draper55 created a topic in Retirement Plans in General

Bonding Requirement for Partners vs. LLC

"The 5500EZ can be used if it (the plan) is for only a owner and spouse or only partners and spouses. It seems this extends to the bonding coverage exemption as well. If we swapped partners for members of an LLC would this work or are we stuck with a pure partnership concept?"

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Jakyasar created a topic in Retirement Plans in General

IRS Notice CP216F

"From the IRS, for year end: 12/31/2020 Letter dated 2/13/2023 Re: 5500/8955 filing. Letter states that the 5500 must be filed by 10/15/2021 (you are not reading wrong). The 5500-EZ was filed on 10/7/2021 with an ACK. What am I missing here?"

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austin3515 created a topic in 401(k) Plans

Shifting Question: 403b for HCEs and 401k for NHCEs

"HCE's participate in the 403b plan to avoid the ADP test. All employees are eligible for a match and we're failing ACP Testing. Someone in the office asked 'can we shift deferrals to the ACP Test'. Any Seinfeld fans out there -- 'You just blew my mind.' Because of course the only deferrals in the ADP test for this plan are for NHCEs so I can shift 100% of the deferrals to the ACP test which will basically exempt this plan from ACP testing. Aside from the sheer obnoxiousness of this really cool idea (I might be terrified to do it in practice), what is to stop me?"

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Catch22PGM created a topic in Form 5500

5500-SF or Long Form

"We (TPA) created a new calendar year-end plan with a 9/1/2022 effective date so there is a short initial plan year. There was no predecessor plan because it is a new company formed in early 2022 and we were using the dates requested by the plan sponsor. Upon receipt of the year-end census data we found that nobody was eligible until 11/1/2022 due to the service requirement in the plan, and that there are approximately 350 eligible participants on 11/1/2022. The plan sponsor operated the plan properly and those employees were enrolled on 11/1/2022. I know an audit is not required due to the plan year being less than 7 months, but I am also considering whether we should file a Form 5500-SF since there were technically 0 participants on the first day of the plan year, or if a long Form 5500 should be filed. It feels 'off' to file a 5500-SF simply because the plan sponsor asked for a plan effective date that was earlier than anyone would be eligible for the plan, but I've never had this happen before so I'm hoping someone may have an opinion and would be willing to weigh-in."

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

945 'Adjusted Amount Due' Notices for 2021 and 2022 Plan Years

"I have had 2 different clients receive a Notice saying they did not deposit their 945 taxes timely. One for 2021 and one for 2022. The 2 different clients' letters are each dated Feb 20, 2023. Is anyone else seeing this?"

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