Jump to content

5500-SF


thepensionmaven

Recommended Posts

Plan effective 1/1/14, only principals and wives, so no 5500 filing.

1/1/15, employee eligible and have to file 5500-SF. Box checked for first filing.

Q- Because plan effective the prior year and there is a participant count at 1/1/15, the IRS will probably send out a Notice, why are participants and money in the plan as of the beginning of the plan year?

And then do the merry-go-round explanations to/from IRS?

Suggestions, rather than submit and see what happens?

Link to comment
Share on other sites

No suggestion. Just submit and see what happens. This actually happens all the time. Sometimes, they may send a letter, which requires an extra step of providing them an explanation. It's just one of those unfortunately imperfect situations we deal with.

"Merry-go-round" may be a bit of an overstatement. Then again, it may be a bit of an understatement :-)

Good Luck!

CPC, QPA, QKA, TGPC, ERPA

Link to comment
Share on other sites

I agree, should't be an issue. I have had the same situation on quite a few plans and it has never been questioned. On the other hand, if you end up with only owner+spouse again and go back to EZ, they might ask where your 5500 is if you decide to not file because you are under $250,000. It is still a one letter explanation though...

 

 

Link to comment
Share on other sites

S corp

Are you sure they're not subject to ERISA? When making this determination, a plan covering only partners of a partnership is different from a plan covering owners of a corporation.

Good Luck!

Where does it say that? I've heard it mentioned, just never seen it in print/

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

Link to comment
Share on other sites

There was some discussion on this topic just a few weeks ago.

http://benefitslink.com/boards/index.php/topic/59219-one-participant-plan-or-not/

And, of course, I remember the conversation. I never learned to add a link to another conversation into a current discussion. As a result, I often find myself merely speaking to what's right there in front of me at that single point in time :-) It's a bad habit, I know. It has to drive the bandwidth through the roof :wacko:

Good Luck!

CPC, QPA, QKA, TGPC, ERPA

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...