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Message Boards Digest

October 16, 2023

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

thepensionmaven created a topic in Form 5500

EFAST Credentials

"We filed for EFAST credentials back in 2010 for a plan with two Trustees and several employees, credentials under the name of one of the Trustees, who has retired, and since then remain Trustee plus one new partner are the trustees. There are now 3 plans sponsored by the Employer, one for each Trustee, one for the Employees. I believe the credentials go by the Employer/Plan Sponsor. If so, I assume we do not need to refile for EFAST credentials."

1 reply so far   |    Click Here to Add a Reply

shERPA created a topic in Form 5500

Useless 5500-EZ IRS Correspondence

"Ok, so after 40+ years in the TPA world I retired at the end of 2021. In 2022 I terminated my small solo-k which I sponsored as a sole prop for some side income, plan was alway under $250k. I rolled it to an IRA and in January 2023 I filed a 2022 EZ marked as both the first, and the final return. Today I get a letter 1072C from the IRS telling me that my EIN is XX-XXXXXXX and that I should always use this number in filing the EZ. Well, duh! Yes, I know that's my EIN, that's why I put it on the EZ form in the first place. I checked my copy, the number on the EZ is correct and matches the number IRS states in the letter as well as on the original EIN assignment letter I received years ago. The letter doesn't say I have to do anything, and it acknowledges receipt of the 2022 EZ filing. So Whiskey Tango Foxtrot? I don't recall any of my clients over the years getting a letter from the Service like this. anyway, just thought I'd put this out there in case some of you start getting client calls about such a letter. I think IRS has a special department to create correspondence designed to waste TPAs' time. Definitely helps remind me why I was ready to retire (and enjoying it immensely, especially most days where there's no IRS envelope in my mailbox!)"

2 replies so far   |    Click Here to Add a Reply

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