Late adoption of prototype amendments - need to file 5307?

[Guest bruss]

Have a client who has had Schwab keogh prototypes (money purchase/profit sharing) since early 1990's. Self-employed,sole participant. Never filed 5500EZ and should have for past 8 years.

In addition to that, he recently (finally) signed (mid-November) adoption agreements to amend through GUST. Because he's a late-amender, does he HAVE to file a 5307 before January 31, 2004 (and pay the additional fee)? Can't get answers from anyone at Schwab. I just can't believe we'd need to get a determination letter for the Schwab prototypes...?

[Lynn Campbell]

My understanding is he must submit by January 31 and pay the regular user fee plus $250/plan penalty for late amender. Per Rev Proc. 2003-72.