We have a client that will be filing as a corporation next year. They have a Profit Sharing Plan (calendar year). What do we need to do in order to make sure the IRS/DOL are informed that the Plan's sponsor has changed from a sole proprietor to a corporation? The plan is a one-man plan with less than $100,000 in assets, so we haven't been filing a 5500. Do we need to amend the plan? Or would a corp resolution adopting the plan suffice.

Any guidance would be appreciated.

Thanks

Don't know the specifics as to letting IRS/DOL know (I would assume the fact that a 5500 shows up with XYZ, Inc. PSP on it would be enough....???), but as to the corp. side of the issue, the corp. would need to adopt the plan (assuming the doc. allows for other employers to adopt) or corp. would need to set up new plan with same provisions (I guess?) and have the sole-proprietor plan terminated and assets rolled into corp. plan.... sorry for the run-on sentence.......