Who is required to file a Form 5500-EZ?

The Internal Revenue Service (“IRS”) Form 5500-EZ is an annual information return that is required to be filed by every “One-Participant Plan” (owners and their spouses), also known as a Solo 401(k) Plan, with plan asset value in excess of $250,000 as of December 31 of the previous tax year.

What is a 5500-EZ?

The Internal Revenue Service (IRS) developed the Form 5500-EZ, Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan. Form 5500-EZ is used by one-participant plans and foreign plans to satisfy annual reporting requirements under the Internal Revenue Code.

What is a 5500 form used for?

The Form 5500 Series is part of ERISA’s overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient …

What is Form 5500 Schedule I?

The IRS Form 5500 is an annual report, filed with the U.S. Department of Labor (DOL) that contains information about a 401(k) plan’s financial condition, investments, and operation.

Who prepares the Form 5500?

The administrator of an EBP is ultimately responsible for filing the relevant Form 5500. Often, a company’s finance, HR or operations department, or any combination of these departments, will prepare the Form 5500. Alternatively, a third-party administrator may be used to file Form 5500.

Do I need to file Form 5500 EZ?

If a plan meets all the requirements for filing Form 5500-EZ and its total assets (either alone or in combination with one or more one-participant plans maintained by the employer) exceed $250,000 at the end of the 2020 plan year, Form 5500-EZ must be filed for each of the employer’s one-participant plans including …

Does a solo 401k file a 5500?

Individual 401(k) Plan (also known as Solo 401k or Owner-Only 401k) is considered tax-exempt according to the IRC Section 401. The only form required to be filed is 5500 EZ. …

What happens if you don’t file Form 5500?

The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000. For returns required to be filed after December 31, 2019, the penalty for failure to file is increased to $250 a day (up to (150,000).

What happens if you don’t file form 5500?

Who prepares the form 5500?

How many employees do you need to file a 5500?

ERISA plans with 100 or more participants at the beginning of the plan year are required to file a Form 5500. An ERISA financial audit may also be required. Small plans with less than 100 participants at the beginning of the plan year may be eligible to file Form 5500-SF.

Do I need to file form 5500 EZ?

What are the instructions for form 5500-ez?

Instructions for Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan Annual Return of A One Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan

What does efast2 stand for in IRS Form 5500?

EFAST2 is an all-electronic system designed by the Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation to simplify and expedite the submission, receipt, and processing of the Form 5500 and Form 5500-SF.

Where can I file Form 5500 for 2020?

Paper forms for filing. The 2020 Form 5500-EZ may be filed on paper. File the official IRS printed Form 5500-EZ or the downloadable form found on the IRS website; or use approved software, if available.

Can a form 5500-ez Filer qualify for the vfcp?

The IRS’s Form 5500-EZ Later Filer program is separate from the Department of Labor’s Voluntary Fiduciary Correction Program (VFCP), which is available to late filers of Forms 5500, Annual Return/Report of Employee Benefit Plan. Form 5500-EZ filers do not qualify for the VFCP.