Form 5500-SF vs 5500-EZ and ERISA bond question

1) Is there a problem with filing a 5500-SF even tho the plan is an owner only plan and could file an EZ? This is a new plan in 2023.  The employer will have a non-owner participant in 2024 and will need to file an SF for 2024 so I'm thinking we could go ahead and start with the SF.

2) If a plan has been filing an EZ for a couple of years and needs to change to SF because he brought on an employee, is the switch from EZ filing to SF filing as simple as just starting to file the SF?  I want to make sure I'm not missing a question on the SF or 5558 that asks if an EZ was filed in a prior year.

3) If a plan consists of only owners, an ERISA bond is not needed - is that correct?

10 hours ago, CDA TPA said:

1) Is there a problem with filing a 5500-SF even tho the plan is an owner only plan and could file an EZ? This is a new plan in 2023. 

Yes.    Its not "could file an EZ", its required to file an EZ.  If you are required to file on an EZ, you cannot file an SF.

11 hours ago, CDA TPA said:

If a plan has been filing an EZ for a couple of years and needs to change to SF because he brought on an employee, is the switch from EZ filing to SF filing as simple as just starting to file the SF?  I want to make sure I'm not missing a question on the SF or 5558 that asks if an EZ was filed in a prior year.

Almost.  You have to mark it as "First return/report".  And be prepared that you could receive a letter from DOL or IRS asking why the first return does not line up with the plan effective date.  No big deal, you just tell them you filed EZ before.

11 hours ago, CDA TPA said:

3) If a plan consists of only owners, an ERISA bond is not needed - is that correct?

Is the plan covered by Title I?