katieinny
Sep 17 2003, 01:41 PM
A plan goes over the limit for the first time in 2001 and does the audit as required. Then the plan terminates in 2002 and all assets are out by 12/31/02. We're doing the final 5500 and hate to force a financially strapped client to pay for an audit for a terminated plan. Is there any relief from this requirement for terminated plans?
If we file the final 5500 without an audit, does the client risk a penalty? If so, how much?
Katherine
Sep 17 2003, 02:02 PM
More than the cost of an audit: $50,000
katieinny
Sep 17 2003, 02:22 PM
I guess you're saying that there is no relief from the audit requirement for terminated plans.
pax
Sep 17 2003, 03:32 PM
It is tempting to respond as:
- No.
- Yes.
- How much ya got?
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please
click here.