Watch Out For These Rules/Pitfalls

1. We added on some employees, and now they are becoming eligible for our retirement plan
2. We have a 401k plan, but not enough of our employees participate in employee deferrals
3. We froze our plan(s) some years ago, but some new employees are eligible
4. We have a Defined Benefit plan, and we gained or lost a lot of money in the market last year
5. We changed our plan some years ago, but we did not change the name on the investment accounts for the plan
6. We dissolved our corporation but didn’t tell you
7. We took a lot of money out of the plan but didn’t tell you, nor did we get Option Election forms.
8. We rolled our retirement plan money into an IRA because our broker/CPA said we could, but we didn’t go through a termination process
9. We forgot to tell you about another company we own or control that has employees
10. We have a 401k plan, with several new employees being eligible, but none of them want to make employee deferrals
11. We got your reporting forms to be sent to the Department of the Treasury, and we know we were supposed to sign them and send a copy to the IRS, but we forgot to send it, and now we get a bill from the government
12. We are age 70 ½ or over, but we forgot to take the Required Minimum Distributions you told us to take
13. We own some real estate in the retirement plan, but we have just been reporting it at what it cost us
14. We are a sole proprietorship, and thought we had until October 15 to make the contribution for our Defined Benefit plan for last year, but you are telling us we had to make it by September 15?
15. Our plan has some problems, and we would like to go through a VCRP voluntary process with the government to make sure the plan continues to be qualified. Can you help us with that process?
16. We disappeared for a few years because business was bad in the Great Recession, but now we want you to help us with all of these IRS penalty notices, and by the way, did we have to do a plan restatement and adopt all of the required amendments for years when we were gone somewhere?