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Final 5500-EZ needed for under $250k?


doombuggy

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I have a plan that apparently has decided to terminate.  It is an owner only plan and he has no comp.  The plan's assets are around 50k.  Plan was created in 2018 and has never had to file a 5500-EZ.  Do I need to file one for the final plan year, even though the assets are still under $250k?  

QKA, QPA, ERPA

 

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Agree with Belgarath. If the plan has never filed a 5500-EZ before, you will need to check both the "First return" and "Final return" checkboxes.

Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance.

Corey B. Zeller, MSEA, CPC, QPA, QKA
Preferred Pension Planning Corp.
corey@pppc.co

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5 hours ago, C. B. Zeller said:

Agree with Belgarath. If the plan has never filed a 5500-EZ before, you will need to check both the "First return" and "Final return" checkboxes.

I was thinking this as well.  I felt pretty sure this needed to be done, I am trying to come up with plan term fees and we charge a fee for a final 5500 if no annual val/reports are done...thanks for assuring me I wasn't crazy!  Been up since 3:30 am.  🙃

QKA, QPA, ERPA

 

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