@dh581
"My employer doesn't know where those funds are or have gone. Does QB direct deposit employee retirement funds to a specific account or is that the responsibility of the bank (Wells Fargo in our case)? Is it possible that my employer simply reduced my paycheck amount by inputting an 'IRA deduction' but never directly deposited the amounts from the company bank account (Wells Fargo)? How can we find the contributions or resolve/fix this?"
It is 100% your employer's responsibility to make sure the deduction gets into your IRA account. Wells Fargo has nothing to do with it. QB payroll puts that deduction into a liability account in the company's books. Then, your employer is responsible to make the contribution to the Wells Fargo IRA. When that happens, the cash comes out of your employer's bank account and it reduces their liability. If they don't know where the funds are, they need to find out. As a former owner of multiple businesses with over 50 employees, this is not difficult. That money is either sitting in your employer's bank account (with a corresponding amount showing as a liability on their books) or it was paid out. If it was paid out, the company's books will show the payment made. Those are the two options. If your employer is telling you they do not know where the funds are or have gone, they're dodging the question as this is very easy to determine.
