TPApril Posted October 3, 2015 Posted October 3, 2015 Understood that 1 person plans can file the SF and mark it as such so that it will not be accessible via efast2. The benefit is to file electronicially. My question is what about a one-person plan that would otherwise not qualify for the SF due to the composition of its assets that are not qualifying plan assets, can they still file SF (not should they, but can they)?
ETA Consulting LLC Posted October 3, 2015 Posted October 3, 2015 I cannot imagine using anything (electronically) other than the SF if it is not subject to ERISA. Good Luck! CPC, QPA, QKA, TGPC, ERPA
GBurns Posted October 6, 2015 Posted October 6, 2015 I do not think that there is any way to file an SF except through EFAST2. Why would they not qualify to file an SF? I thought that the only exemption was the value of assets being less than $250,000. What do you mean by "the composition of its assets that are not qualifying plan assets"? I was not aware that a plan could have assets that are "not qualifying assets". George D. Burns Cost Reduction Strategies Burns and Associates, Inc www.costreductionstrategies.com(under construction) www.employeebenefitsstrategies.com(under construction)
BG5150 Posted October 6, 2015 Posted October 6, 2015 GG, April means that if more than 5% (or is it 10%?) of the assets are non-qualifying, you have to file a "regular" 5500 (with sched I for small plans) instead of the SF. However, with one-participant plans that can be filed on EZ, I don't think you would have to do the full fledged 5500 if the assets didn't qualify. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now