Ineligible Employer SIMPLE IRA
Small employer has sponsored SIMPLE IRA for 8 years.
Employer recently discovers/recognizes that it’s part of a controlled group with thousands of employees and Employer has been ineligible to sponsor a SIMPLE IRA for the entire 8 years.
What’s the fix? Is it as “simple” as stopping contributions and filing for a compliance statement under VCP?
Seems too easy.
Thanks.
Submitted by John Peterson on Wed, 2025-05-21 17:52