Hi All:
Extensions....
I have a Partnership that has both a Profit Sharing/Safe Harbor 401(k) and a Defined Cash Balance Plan.
Typically, we need to do a "Draft" of the K-1s and then then get it to the Retirement Plan to do their computations.
We don't need to fund these plans until the time of Extended Tax Returns (September 15th).
In the past, we have run drafts of returns and not filed returns until close to September 15th.
Client is super late in getting me their info to prepare Forms 1065 and have already requested putting their companies and individual returns on extension.
Problem now is the Retirement Plan Company is asking for "Draft K-1's" so they can do their work.
I am wondering why the Retirement Plan Company is demanding the "Draft K-1's" NOW.
Does anyone know of any ERISA or other filing requirements, non income tax related, that the Retirement Plan Company will run afoul of by putting not getting "Draft K-1's" until AFTER busy season?
Thank you in advance for any responses.
~JC