5500's never filed

[R. Butler]

I'm sure that this topic has come up before and I am just not finidng it.

Plan has been in existence for 20 years and never filed a form 5500. Plan sponsor probably has sufficient data to file for the last 10 years, but no chance they have data 20 years back. I'd like to help them, but I'm not sure how to proceed. Has anyone had this circumstance? I'm wondering if plan sponsor can file as far back as records permit and then hope for mercy if the DOL asks for earlier filings?

Any guidance is appreciated.

[chc93]

see this link...

http://benefitslink.com/boards/index.php?/topic/52276-ok-to-file-a-5500-under-dfvcp-with-missing-plan-information/

Basically, the DOL wants good information for 3 years... older that should at least be a best guess estimate. But they do want all missing forms filed.

[Guest Prawnnui]

I think I'm in this situation, and am looking for an accountant/attorney in the San Diego area to help me with filing a whole bunch of delinquent 5500-EZs. I'm also faced with the daunting task of preparing these forms from 1997 onwards, so a reasonably priced way of easing that burden would also be appreciated. Luckily I have all the necessary Schedule Cs, and account balances. Can I simply go to EFAST2 and complete 5500-SFs? I stopped contributing to my single participant plan when I took a full time position in 2001, but never rolled my Keogh over into my IRA.

Please PM me with your suggestions, or reply to the thread with contact details.

Dave

[SLuskin]

If it's a welfare plan, they have a delinquent filer voluntary compliance program. They would need the last 3 years to have all the detail and then as much as still available for the other years.

If this is for a qualified plan, I can't comment because we only work with Welfare plans.

[Guest Prawnnui]

It's a sole proprietor Keogh plan, hence the 5500-EZs; those who run sole proprietorships are not eligible for DFVCP. I will need to construct a suitable cover letter with lots of humble pleading. That part is well covered in earlier threads. For the last decade, I have not been self employed, and have made no contributions.

Dave

[Kevin C]

You won't find the 5500-EZ on the EFAST2 website since it's only used for single participant plans that are not covered by ERISA. You can get the current form and prior year forms on the IRS website. It looks like they have fillable pdf forms back to at least 1997. They have forms and instructions back to 1990, but some are not fillable.

Are you taking into account that plans with assets less than $100,000 were not required to file 5500-EZ through 2006 and plans with assets less than $250,000 were not required to file starting in 2007? The instructions for each year will have the details.

[Guest Prawnnui]

I have been told that the current form can be used for all past years, and indeed it does have space at the top to enter the plan year. It would be significantly more work to use a different form for each year, so it would be nice to get confirmation one way or the other. Perhaps Ed would care to chime in?

Yes, that was well covered in the early threads I mentioned. Thanks!

Dave

[ETA Consulting LLC]

In my experience, you may complete each year on the Form for that year or use the most recent Form for all years.

Good Luck!

[Guest Prawnnui]

Great, I shall use the 2012 form for each year!