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Self-Employed client - Deferrals done from payroll in 2019 and 2020

thomas_ml
Level 2

Self-Employed client - Deferrals done from payroll in 2019 and 2020, but bookkeeper did not transfer to the owners simple IRA account. Can the corrections for both the 2019 and 2020 Tax-Year be done at the same time (by January 31, 2021) under the self-correction program?

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qbteachmt
Level 15

Self-employed typically refers to Sole Proprietorships, which have no payroll for that owner. It isn't possible to defer anything from their paycheck; they have no paycheck.

Payroll implies the W2 was issued, as well. It would show the data. Not depositing isn't the same as not reporting.

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sjrcpa
Level 15

The bookkeeper has control over the money?


ex-AllStar
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