"A plan came to me asking what is the next step. They received an IRS notice with a penalty. A response was sent in April 2023. The IRS never responded and no follow up notices were ever received. Should the client assume the IRS closed the case? Should they call the IRS?"

"An old SEP which was established incorrectly, into which an individual made contributions over many years totaling $66k improperly, but for which the accountant never took deductions (because he had advised his client NOT to make the contributions in the first place.) To clarify, the individual is a 1% partner in an LLC, and all of his income is from this LLC, which sponsors a 401(k) Plan for the partners and employees. Client now wants to withdraw the $$ from the SEP, but custodian is insisting that they must issue a 1099, since the money is theoretically in a SEP. Can anyone think of a way to convince the custodian not to issue the 1099?."

"Sole-prop, taxes for 2023 have been already filed. I am thinking of still implementing a CB plan retroactively to 1/1/2023, funding it now but taking a full deduction for 2024. Thus, for 2024 there will be doubled-up deduction. Income is very high so the numbers fit in. Am I missing anything here besides the additional level of complexity of decoupling 430 and 404 numbers for a year or two?"

"Our Mom passed away just after receiving two 401k rollover checks made out to a new IRA account FBO her name. My sister and I are named beneficiaries on both accounts. We have the checks in hand. One plan is adamant that because it's a qualified distribution a new check can only be made out to the estate. The other plan is considering reclaiming the check and issuing out proper beneficiary distributions to us but remains to be seen. It's my understanding that the distribution is a plan asset and ERISA, DOL, IRS would urge fiduciaries to work in our favor? I hope there's some more legal guidance on this that I've missed in researching. These aren't uncashed checks because we're missing or mailed to the wrong address. I know there's been a ruling and chatter from the agencies about taxes on uncashed checks and what to do with them if they stay unclaimed but.... This should in theory be straightforward to fix and honor. Any thoughts to change their mind?"

"I am curious as to any common or recommended disclosures that may be used with deferred compensation plans for participant quarterly statements or on web pages. I understand there are no 'required' disclosures, but I recommend something that references that the investment shown are not an indication of ownership. Any thoughts on this? any suggested statements that you would use on statements or online?"

"I'm writing this as though I know these to be true but they are only educated guesses.... [1] I presume the SIMPLE IRA contributions are from January 1st through let's say May 31st, be they Nonelective or Match. [2] Then, the Safe Harbor 401k contributions, be they Nonelective or Match run from June 1st through December 31st. [3] Profit Sharing / Gateway Minimum / Cross-testing / top-heavy minimums would all be based on comp data from 6/1/2024 through 12/31/2024. [4] The 415 regs are crystal clear that ALL defined contribution plans are aggregated for 415 purposes so I would be targeting the 415 limits based on the sum of the above. My plan doc already says the 415 limitation year is always a 12 month period so no need to prorate the 415 limits. [5] I suppose I would need to pro rate the comp limit though? That could be problematic, so I guess I might need to have a 1/1/ effective date after all and just have the 401k safe harbor contriubtions effective June 1, 2024 and determine my top-heavy minimums as 3% of 12 months of pay, offset by any Safe Harbor, and SIMPLE IRA contributions. I think my point really is, there are so many answers to so many questions."

"We have a client who logged in to HIOS (CMS) to submit their carved out direct contracting RxDC Reporting for 2023. However, the only years available are 2020, 2021 and 2022. Does anyone know if there's a 'start date' when you can submit RxDC data for 2023? CMS has launched a ticket but the agent wasn't aware of an opening date."

"One of the 401k plans that terminated, we were couple deceased participants and since they were no beneficiary the plan sponsor directed to cut a check to the deceased estate. Although there was no estate set up, a check was cut to the estate of the deceased name. the check was cut in 2023 and in Feb 2024 the spouse has reached out claiming for benefits, since the spouse wants the money to be rolled over, I'm trying to understanding how the tax that was deducted be handled?"

"Plan sponsor has opted for the loan to be offset, the plan is terminating any idea how the loan offset can be dealt with since some of the participants have taken the distribution and the loan is still outstanding."