Statute of limitations on plan audits

[SoCalActuary]

For a one-person plan eligible to file 5500-ez or 5500-sf but with total assets under $250,000, what tolls the start of the statute of limitations?

It probably would not get audited unless part of a bigger audit, but it might require keeping plan records far beyond the three year period normally in place.

[ETA Consulting LLC]

From my understanding, this is a reason to file the Form 5500 EZ; even though the assets are below the threshold. Without filing it, the Statute of Limitations wouldn't start.

Good Luck!

[GMK]

^ You meant "Without filing it, ..." Right?

[ETA Consulting LLC]

^ You meant "Without filing it, ..." Right?

Yes. I edited it :-)

[Belgarath]

I've always found it oddly appropriate that the abbreviation/acronym for the Statute of Limitations (SOL) is frequently used in another, less polite parlance.

[ETA Consulting LLC]

Yeah, because if you don't start the SOL, you can find yourself SOL :-)