Working with a new client that has a 403B plan.
It was discovered that the prior bookkeeper incorrectly calculated 403B withholdings and employer match amounts in prior years. The amounts due current employees have been corrected through the 403B custodian. All good there.
Issue is several prior employees, who are not on payroll and may or may not have active accounts with the custodian.
Prior to my engagement, checks were cut to these individuals for the amounts believed due them.
My question is what reporting to the IRS is necessary here? The amounts range from a few hundred $$ to just over $1,000.