We are the recordkeepers/administrators for a profit sharing plan with a calendar plan year. The valuations are done quarterly and the last one was done 9/30/02. I have been after the client since January 2003 to get the profit sharing contribution amount so that we may process the 12/31/02 contribution and valuation. To date 9/29/03 I still have not received the data from them. They keep saying they are working on it and they are aware of the deadlines we are facing.

My problem is that the 5500 is due 10/15/03. The final valuation is not complete, the audit is not complete and the valuation is not complete.

Are there any further extensions we can get? We have asked repeatedly till we are blue in the face for the data from the client. I wish I could fire the client, but it is not possible. I just dont see how we can get everything done in time.

Any suggestions? thanks

Maybe. Hurricane Isabel.

See IRS website, I think the item is dated 9/24/2003.

File as much as you can on 10/15. Respond to any notices from the DOL ASAP with as much info as you have. You typically won't get a penalty notice for at least a few months. This is not guaranteed, but it is typically how it is handled. Your other choice is to file under the delinquent filer program and pay a fee.