form 5500ez late in first year

[Draper55]

have been contacted about a one person plan where assets>250K in 2012 for first time. filing has not been done. question is whether filing late with a reasonabe cause of reliance on third party professional who failed to advise client has any merit. or would it be better to go dfvc using 5500sf and pay the $750...that woud be my recommendation.. any thoughts are appreciated.

[Flyboyjohn]

Can't use DFVC for a "one-participant" (non-ERISA) plan even if filing 5500SF. Only option is the old "ignorance is not supposed to be but usually works" approach.

[Tom Poje]

this may be off the wall, but what if the 5500 is filed on a cash basis rather than an accrual basis?

[Draper55]

I have used the cash basis approach before where it worked(i.e.,>250k on an accrual basis but not cash basis)

but in this case the account exceeded 250k during 2012 and at eoy.