"Large plan started a few years ago, but no 5500 was ever filed. Currently working on past filings and ultimately DFVC. They also never had a fidelity bond, or they can't find record of it due to complete change in personnel. Question is -- I know retroactive fidelity bonds can be purchased, and that this is not meant to be done illegally, but can the 5500 be marked Yes for coverage, when it is being filed late for the first time? if not, is there any reason to buy the fidelity bond retroactively? Alternatively, it would not be marked yes until the 2024 plan year during which it is finally purchased."

"It's been over 20 years since I've actively worked with retirement plans, and I'm rusty. Before I lead someone down the wrong path, could I please get confirmation that my route is correct?

• Over the years, a self-employed person has greatly benefited from SEP-IRA contributions. Her business did well, and her SEP deposits were large.
• For 2023, her SE income is unusually low. Her SEP-IRA maximum is about $2,500.
• If she doesn't make a 2023 SEP contribution (she has no employees), she [1] isn't covered by an employer plan for the year and [2] can make tax-deductible, traditional IRA deposits for herself and her fully-disabled, nonworking husband. The amount is about 5X greater than the available SEP-IRA.

Is my methodology correct? I see this option as a good way to help someone who wants to maximize both her retirement savings and 2023 deduction."

"Plan has 2 owners. Their son became eligible in 2023. In error, they deposited $15,000 to their son's Profit Sharing source instead of to the wife's for 12/31/2024 (not 2023). The brokerage house says they can only correct via Excess Deferral; Excess Annual Additons; Mistake of Fact; Non-deductible contribution. I realize the IRS has a narrow view of what a Mistake of Fact is, but cannot this be considered a mistake of fact? My client who is somewhat savvy insists that it is not, but not sure I agree with him. Brokerage house will not transfer the deposit from the son to the wife for some reason. Other option send to the forfeiture account?"

"Very sketchy info at this point, but likely that at least some years will be a large plan. Sure, they can do DFVCP, but how far back do they go with this? And there will likely be no way to get full data for all the post-2009 plan audits.... No, this isn't April Fool! ... Anyone had one of these situations before? What were the results?"