Answer by jim
You need to get a very good tax lawyer (and be prepared to pay some high hourly rates) and then follow their advice and hopefully your client won't go to jail. Your client is correct. He did mess up...
View ArticleAnswer by Bill
For one thing, expect a very quick, very thorough audit by BOLI. Penalties will exist for late payments, plus the employer will pay the match, plus the return that the participants didn't receive on...
View ArticleAnswer by Josh
Let's not get too carried away here. There could be a few different outcomes over here. Clearly, if this is a mistake, which it seems to be, there is almost no chance that your client is going to jail....
View ArticleAnswer by Brent Berkman
It appears that it is going to pretty much depend on what was represented to the employees. If it was intended that a 401k plan was set-up, etc., then the amounts that were not timely funded are...
View ArticleAnswer by stephenweinstein
This is much bigger than a tax problem. It is an ERISA violation and possibly theft of the funds that were withheld from the paychecks and not contributed to a 401K plan. Definitely get an attorney.
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