Using an inaccurate definition of compensation can be a small mistake that ends up being a big mistake. Such a failure directly affects contributions and can affect a few participants, all participants, or something in between. And even though the amounts involved may be small from payroll-to-payroll, they can go undetected (and therefore uncorrected) for many years, adding up to significant amounts required for correction.
As any search engine will reveal, there are plenty of websites and articles describing the joys of using employee retirement plans to fund a business start-up, in transactions commonly referred to as ROBS (Rollover Business Start-Up). This post discusses the basics of the typical ROBS transaction.
Time is winding down for defined contribution plans to be restated by the July 31, 2022 deadline. Where are you in the process?
Happy New Year! IRS Proposes Permanent Extension of Deadline to Furnish Individual Statements of Health Care Coverage
The IRS has extended the deadline to provide statements to individuals regarding their health care coverage and the employer’s offer of minimum essential coverage from
When one of the owner-participants in a ROBS plan dies, the assets in the decedent’s account, including the company stock, must be transferred to a new plan account established for the beneficiary.
This publication is designed to provide general information on pertinent legal topics. The statements made are provided for educational purposes only. They do not constitute legal or financial advice nor do they necessarily reflect the views of KLB Benefits Law Group or any of its attorneys other than the author. This publication is not intended to create an attorney-client relationship between you and KLB Benefits Law Group. Substantive changes in the law subsequent to the date of this publication might affect the analysis or commentary. Similarly, the analysis may differ depending on the jurisdiction or circumstances. If you have specific questions as to the application of the law to your activities, you should seek the advice of your legal counsel.