SIMPLE IRA being transferred to new owner of business

We have a client who is a dentist retiring in May. He has sold his practice to another dentist who wishes to maintain the current SIMPLE IRA in every aspect so as to make it “transparent” to the employees. I have spoken to the DOL who stated nothing needs to be done on their side. However, I can’t find anybody at the IRS that can give me an answer as to what type of filings need to happen on their side due to having a new owner. Can we maintain the same plan “as is”? Do we have to set up a new plan with the exact same provisions? This is the first time we’ve crossed this bridge and we need some guidance from someone who has been there before.

Thanks!
Scott A. Garrison



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