So I had a sole proprietor and was making SEP IRA contributions, but everything was run through my personal account. I switched to an s-corp. Do I need to 'transfer' the balance of the SEP IRA onto the corporate balance sheet? If so, what is the best way to go about doing that? Debit SEP IRA (Other Asset) Credit Opening Balance Equity or Contributions? The SEP IRA is in my name since I was a sole proprietor, do I need to convert the name of the SEP IRA to my S-Corp name or can I leave it and contribute to it AS-IS? On my balance sheet, it will be an Other Asset but it will also be a Liability correct? If this is correct, sometimes there is a situation like the end of the year where I will effect an employer contribution, BUT not move the money yet since it is not required until the business taxes are filed. There would then be two different liability accounts? One for the undeposited contribution and the other for the fact that it is a liability owed to the employee? Or am I doing this all wrong and it should remain in my personal records and not be an asset or a liability on the corporate balance sheet and tax returns? I am hope I am being clear.
