Context:
I have two Keogh plans: money purchase and profit sharing plan I had established when I consultant way back in 1997. I had an S-Corp and my consultancy was done under that. My company created two Keogh plans and invested money every year into them.
In 2004, I left consultancy and took a full-time job. However, I left my Keogh assets as is. They did not reach the 250K limit and I did not know I had to file a 5500EZ form.
Problem:
Now my S-Corp is dormant and hardly have any cash. Also due to market returns my Keogh plans have crossed 250K in mid 2000s.
1. Do I need to file the missing 5500EZ forms back to 1997 or whenever my assets crossed 250K? My record keeper shows the AVS form till 2018 only. I do not know if I can get prior years' data.
2. S-Corp does not have money to pay the penalty. Am I personally liable?
3. Do I need to contact a small business tax attorney who deals with 5500 late filing? Any reference would be appreciated.
Thanks
I have two Keogh plans: money purchase and profit sharing plan I had established when I consultant way back in 1997. I had an S-Corp and my consultancy was done under that. My company created two Keogh plans and invested money every year into them.
In 2004, I left consultancy and took a full-time job. However, I left my Keogh assets as is. They did not reach the 250K limit and I did not know I had to file a 5500EZ form.
Problem:
Now my S-Corp is dormant and hardly have any cash. Also due to market returns my Keogh plans have crossed 250K in mid 2000s.
1. Do I need to file the missing 5500EZ forms back to 1997 or whenever my assets crossed 250K? My record keeper shows the AVS form till 2018 only. I do not know if I can get prior years' data.
2. S-Corp does not have money to pay the penalty. Am I personally liable?
3. Do I need to contact a small business tax attorney who deals with 5500 late filing? Any reference would be appreciated.
Thanks
Statistics: Posted by kanakupillai — Fri Oct 04, 2024 5:13 pm — Replies 0 — Views 77