Fisher
Apr 13 2007, 07:25 AM
Is there any method to correct SEP contributions. For the last several years, a client only used base wages for contributions that were declared. They have been operating under the Model 5305 and did not know they could not exclude bonuses and overtime. Can they self-correct?
Gary Lesser
Jul 19 2007, 10:46 PM
Probably. See Rev. Proc. 2006-27, Section 6:10.
Hope this helps.