annapolitan

> 2. There’s a place on the 5500 to show that the prior 5500 was filed under a different EIN. Thank you. I looked into this and our CY22 5500ez included both EIN numbers, referencing the older (sole prop) EIN in section “4.b” > 3. I recommend you hire someone that does this work and not try to resolve it yourselves. If we hire someone to help us, would that be a CPA? Attorney? Are there specific credentials we should look for?

Hello, Thank you in advance for any guidance you can provide and/or pointing us in the right direction. Spouse owned a "Sole Proprietor" business with her name as the business name and created a Solo401k through Vanguard in 2019. In CY2021, her Solo401k balance exceeded the $250k threshold (due to rolling funds into the plan), so we filed (CY2021) 5500-ez with the IRS using her "Sole Proprietor" name and EIN in ~July 2022. On 1/1/2022, spouse changed the business structure from "Sole Proprietor" to an LLC (filing as an S-Corp) with a different name (call it XYZ LLC) and a new EIN where she has several (1099) independent contractors who she pays (not employees). In ~July 2023 (we were late), we reached out to Vanguard to discuss what we needed to do related to this change in business structure and completed forms for "restating the plan" with the new "XYZ LLC" name and EIN number (filed with Vanguard in July 2023). With restating the plan, would Vanguard have notified the IRS that our business structure (name and EIN) have changed? We filed (CY2022) 5500-ez with the IRS using her "XYZ LLC" name and EIN in ~July 2023. QUESTIONS Were/are we allowed to continue using the same "Solo 401k" when she changed her business structure (and name) and we restated the plan? Or should we have closed out the previous (Sole Prop) Solo401k through Vanguard, filed a 5500-ez closing it out and then opened up a new (XYZ LLC) Solo401k under the new business name? I am now wondering how the IRS would know that we changed the business name and EIN? Will/would they consider the Sole Prop. to not have filed a 5500-ez for CY2022 and we'd be subject to the severe penalties that go with not filing a 5500-ez form? If there is a problem here, given our situation, what do you recommend as next steps?