Lori Foresz Posted October 1, 2003 Posted October 1, 2003 Hi, We have a few 1-participant plans that have effective dates in 2000 and 2001 and have NEVER had assets exceeding $100k. However, EZs were filed for 2000 and 2001, apparantly due to an oversight. The employer does not employ leased or other employees, there are no other plans to aggregate, and the plan covers only the sole proprietor and his spouse. Can we just stop filing until the plan is terminated and then file a final in the year all assets are distributed? The instructions seems to imply yes, but I don't want to make assumptions and then get a failure to file notice. Does anyone have any experience with this issue?? If so, I greatly appreciate the insight. Many thank!!
Blinky the 3-eyed Fish Posted October 1, 2003 Posted October 1, 2003 I had to research that once and too came to the conclusion there is no requirement to continue filing just because you did once. However, we always file EZ's for our plans simply to file the Sch P and get the statute (or statue if your Cosmo Kramer) of limitations running. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
Guest Bob K Posted October 1, 2003 Posted October 1, 2003 I agree that there is no requirment to file. But since you filed the first time or two, the government program will probably be looking for another filing since you (properly) did not mark the last one "final". Expect a letter.
Lori Foresz Posted October 2, 2003 Author Posted October 2, 2003 Hi, I guess when the letter arrives, I just reply back that the plan was never required to file a Form 5500-EZ. Hopefully, that will suffice and they will go away. Anyone had this happen? ???
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