5500EZ

[Guest Sieve]

This is an unabashed request for info I probably could find relatively easily myself, but I'll ask the experts . . .

Does electronic filing also apply to EZ filers beginning in 2010?

[12AX7]

I take your question to mean the 2009 Form 5500-EZ. By that assumption, there is no EFAST2 equivalent and paper forms must be used. Alternatively, an "EZ Filer" may file using Form 5500-SF, however that would make the filing available to the public for inspection. I'm not aware of any changes for the 2010 Form 5500-EZ, so perhaps one of the experts could expand on that one.

[Guest Sieve]

I was asking about 2009. Thanks for your guidance.

[Belgarath]

Be aware, however, that not all EZ eligible filers will be eligible to file a SF. They must still satisfy the SF requirements as to "eligible assets" for example, and many don't.

We're still waiting to see the EZ instructions to see if the IRS and DOL have properly coordinated things. For example, previously you could not file an EZ if you were a one-participant plan that was a controlled group. Although the 5500 instructions seem to indicate that this won't still be the case, I've learned not to take anything for granted on such issues. If they did NOT properly coordinate, then you could be faced with the ridiculous situation of not being allowed to file an SF due to ineligible assets, and not being able to file an EZ! But we'll hope that no such foolishness takes place.

[12AX7]

I personally would not use an SF (where permitted) and compromise the anonymity of a client's filing. I've also read that the the 2009 EZ may not be available for several more months, perhaps for the reasons that you have stated.

[Belgarath]

Actually, as I think about it, I may be all wet. If the SF is being filed for a one-participant plan, there are certain areas that you do not complete, including 6a or 6b. So I think I need to look at this a little more closely before shooting from the hip.

[12AX7]

From what I've been reading in an ASPPA ASAP, a one participant plan that elects to file Form 5500-SF does not have to meet the same investment restrictions as a non-one participant plan. Also, only certain lines on the SF need to be completed. Therefore, it seems that the 5500-SF would be an option, but again it opens to form to public disclosure on the DOL's website.