"I have a couple of DB plans of sole proprietors, Schedule C. I know the combination of 'compensation' for benefit calculation plus contribution can not exceed the Net Schedule C for the year. However, I have seen other DB plans for sole proprietors wherin the contriubtion plus 'compensation' exceeds theNet Schedule C. How can this be?"

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"Client is a PC, 2 dentists, 15 employees. Each dentist has his own plan. Yes 'plan' -- that is the way the accountant wanted it. Employees in separate plan, all 3 plans tested together. One of the dentists traansfered a portion of his account to a limited partnership that his son handles. Not getting into prohibited transactions or part-in-interest here, but this owner, DOB 7/7/51 will need to take his 1st RMD at the latest by 4/1/25. We are attempting to get him to rollover his plan's investment in the limited partnership to an IRA which apparently can be done. Question is, can he get the investment out of the plan and into an IRA without having to take an RMD. Once he rolls this out of the plan to his own IRA, it's not an plan issue anymore."

"A company failed to make matching contributions to certain former employees for the 2021 plan year. (Company thought there was an allocation requirement to be employed on last day of plan year, but there was not.) Company made corrective contributions to those former employees. Is it necessary to re-run the ACP test using the new matching contribution data?"

"Have an asset sale where the seller will terminate their FSA plan on 5/1 and open up the buyer's existing FSA plan to those seller's former employees. They will roll the existing FSA balances of the seller's employees to the buyer. To my understanding, any employee of the seller's who was not on their FSA plan when the deal closes does NOT have new FSA election rights under the buyer's plan (unless a QLE occurs down the road). Can anyone confirm this is correct? And how does COBRA come into play here with FSA? If an employee had unused funds left over in the seller's plan, could that employee elect COBRA for the FSA plan (to have access to their unused funds) AND enroll into the buyer's plan as a newly eligible EE?"

"Participant is applying for a hardship -- was in a FEMA county deemed a disaster. Seeking a hardship to cover the cost for repairs to a primary residence. [1] The participant financed the initial work on the exterior of the house. [2] Now she needs to pay for the drains, repair to the concreate floor and drywalling. -- This cost is $14,908 The question is, can the participant take a Hardship for the cost of the initial repair along with the second round of repairs? The first part was financed on a credit card with an outrageous interest rate. participant wants to combine the two costs and take on e Hardship. [1] pay off credit card for the initial work and [2] pay the contractor for the second round of work."

"With Section 315, Reform of family attribution rule [and company structure and ownership as shown in post:] [1] Can the client set up retirement plans under Property Management Company only and disregard Dad's Dental Practice with 20 employees? [2] If the answer is No to Question One, can the client allocate 100% to Eldest Son and have Mom and Eldest Son receive payroll under Property Management Company and still disregard Dad's Dental Practice with 20 employees? [3] If the answer is NO to both 1 and 2, can the Dad change ownership to 0% from both Dad's Dental Practice and Property Management (Second Son will own 100% of Dad's Dental Practice), Mom receives 5% ownership and Eldest Son receives 95% ownership and set up the retirement plans under Property Management only. Currently, there is no retirement plan in place for Second Son Dental Practice."

"Does this hold true for DB plans... all plans?

Tax Status	Adoption Deadline	Extended Deadline
S-Corporation (or LLC taxed as S-Corp)	March 15	September 15
Partnership (or LLC taxed as a partnership)	March 15	September 15
C-Corporation (or LLC taxed as C-Corp)	April 15	October 15
Sole Proprietorship (or LLC taxed as sole prop)	April 15	October 15