Waiver? Plan has been owner only for years, but still files 5500

[Jim Chad]

Profit sharing plan paid out only employee in 2002. This left just the owner and he now has mostly non qualifiying assets, $700,000.

Schedule I 4k

My question is: can he claim a waiver on audit without a bond based on his being the only person in the Plan?

[WDIK]

Can a Form 5500-EZ be filed?

[Jim Chad]

That's a good question!

I thought there was a rule that once you started filing 5500 you could not switch to 5500EZ. But I sure can't find anything about this now. So, unless someone shows me where I can't, that is what I am going to do.

Thanks WDIK.

[JanetM]

If you meet the five "who may file form 5500EZ" requirements you can file an EZ form. No prohibition in changing to EZ. Same goes for EZ filer who adds employees and switches to 5500.

[Jim Chad]

Thanks, Janet.