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.

 

 

 



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