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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?

Start-up plan in 2020 expected to be a solo(k) plan covering only owner & possibly spouse (who did not work in 2020). Eligibility is age 21 & 3 months elapsed time, monthly entry dates. Owner actually hired a part-time employee in July 2020 who became eligible in November, and terminated in December. Testing determined no contributions were required for this NHCE employee. So the participant count on 1/1/20 was 1 (owner only) and count on 12/31/20 was 1 (owner only). Assets were under $250k the entire year. Does this plan need to file 5500-SF or can they use 5500-EZ and not file for 2020 due to assets under $250k?

Plan Sponsor wants to verify processing of Form 5500EZ. Correct procedure to verify?

An IRS agent wants an EZ filer to change to full 5500 filing with schedules, because sole participant takes RMD and has non-standard asset (private loan). I don't see that in the instructions for 5500EZ. Any authority for this request?

Hi, In 2017 I created a solo401k for my c corp where I am the sole owner/operator. I then maxed out my solo 4o1k. I closed the corp at the end of 2017 and created a new corp, which is now a s -corp. Ascensus sent me a form that effectively rolled my plan over. It is the same plan with a new corp name and a new FEIN. I hired Ascensus to create the boilerplate solo401k plan and they do very little administrative work. They felt that I did not have to send the IRS a 5500ez stating that the 401k was terminated. But now I am starting to get nervous that they are wrong. I believe I have until July to figure this out. Can anyone help me out here?