5500 exemption when assets are less than $100,000 and covers only owners

[Guest erepper]

At what point do you value the assets for the exemption? Are receivables included? For example a single k has $80,000 as of 12/31/2004 and will contribute $40,000 for 2004 on 9/15/2005. Is a 5500 required to be filed for 2004? Is it the account value AT ANY TIME during the plan year?

[Blinky the 3-eyed Fish]

You can file the EZ on a cash or accrual basis but just need to be consistent. If you want to file on a cash basis, that buys you another year of not filing the EZ. However, as many will tell you on these boards, you must file the EZ to file the Schedule P and get your statute of limitations running, so not filing simply because the assets are under $100K is not always the best advice.