John’s Blog — Tidbits on a Lot of Things

Reporting an IRA Rollover to Your Solo 401(k)

A friendly reminder to those of you who executed a rollover from your IRA to your newly-established Solo-K plan (also marketed as a Solo 401(k), Self-Directed 401(k), Self-Administered 401(k), Uni-K, One-Participant 401(k)) during the past tax year (2015).  This reminder deals with reporting to the IRS the rollover of this IRA so that they know it is not a taxable…read more →

Missing W-2 or 1099-MISC?

Okay, this can be a misleading title for a blog for some…but bear with me.  If you are a self-employed individual established as an incorporated entity, your business in providing you payroll income and, as such, you would receive a W-2 on your year-end income for tax reporting.  As such, you would correctly conclude that you shouldn’t have a missing…read more →

Identity Theft — How the IRS is Trying to Help

Let’s face it, identity theft is not going away and it certainly has gotten worse.  There are many things that we can do to try to protect ourselves….and, the IRS and states know there is more they can do to try to protect citizens from tax-related identity theft issues. A large concern that we are all worried about…..fraudulent tax returns…read more →

Solo-401(k) Plans, the IRS & Identity Theft

There are not too many people who like to receive mail from the IRS…unless they are receiving a tax refund.  Even when trying to do good things, I don’t know too many folks who jump up and down at the mail box waiting for the IRS letter. However, the IRS and states are working more closely together to assist tax…read more →

Your Solo 401(k) Plan — 1099 Contractors? (Part 3)

This is Part 3 of the series on determining whether a worker is an employee or an independent contractor.  In the first post, there were determining questions for an employer which, if they answered YES to ALL of the questions, would appear to indicate that the worker is an independent contractor.  In contrast, in the second post, there were 8…read more →

Your Solo 401(k) Plan — 1099 Contractors? (Part 2)

In the previous blog, we pointed out that there are definite considerations the self-employed individual will face if they are hiring an employee.   For the self-employed business owner with a Solo 401(k) (also marketed as a Uni-K, self-employed 401(k), self-directed 401(k), self-administered 401(k), there are problematic issues related to including the employee in the Solo-K plan.  You got it….it…read more →

Your Solo 401(k) Plan — Employees, 1099 Contractors?

Recently, I wrote a blog on self-employed individuals who may make the decision of hiring an employee or retaining the services of an independent contractor for their business.  Okay, before you tune me out, I understand that many of you are self-employed with no employees and will never have any employees or work with independent contractors.  In fact, you may not…read more →

Identity Theft and Self-Directed 401(k) Plans?

You see lots of blog posts on 401(k) plans.  You see lots of blogs on identity theft.  You see a lot less (though still a lot) blogs on self-directed 401(k) plans (also, referred to as self-administered 401(k) plans, Solo-K plans, one-participant plans, uni-K plans).  And, you never really see too many blogs on the combined topic of the two.  But,…read more →

IRS Form 5500-EZ — One Participant Plans

For those of you with self-directed 401(k) plans, the IRS Form 5500-EZ may or may not apply to you.  Whether or not you have to file the 5500-EZ for your Solo-K plan is based on whether the value of the plan’s assets exceed $250,000.    It is important to note that while many people believe the 5500-EZ is only for…read more →

Employees and Solo(K) Plans — Like Water and Oil

Yes, employees and Solo(K) plans don’t mix.  As much as it is preaching to the choir, one can never talk about this topic enough. Okay, you are self-employed and you have had success with your business.  You believe you have the need to add an employee to assist you with the business, and you give no thought to how this…read more →