Just a reminder of the importance of the rules for Filing 5500
This from a Bogleheads post:
https://www.bogleheads.org/forum/viewtopic.php?f=2&t=301627#p4978058"There are two Form 5500-EZ filing requirements:
When a one-participant 401k plan balance (including all accounts) exceeds $250K on the last day of the businesses year. It must file a Form 5500-EZ by the last day of the 7th month following the last day of the businesses year. For a calendar year business, those dates are 12/31 and 7/31 respectively.
When a one-participant 401k plan is terminated. The plan sponsor must file a final Form 5500-EZ on the last day of the 7th month following the plan termination. This is true regardless, even if the plan has never had a plan balance > $250K.
Unfortunately, @smileartist is almost 60 days late with filing their final For 5500-EZ.
Two silver linings for @smileartist:
The increase to $250/day for late filing only applies to returns required to be filed after 12/31/19. Since their filing deadline was 11/30/19, 60 days late would only be 60 * $25 = $1,500 and no $15,000.
However, if the Form 5500-EZ late-filers penalty relief program is still the same, then the cost would only be $500.
Also can anyone answer SouthernDoc's question:
"One final question...
If you establish a plan's own EIN, for line 2b you still list the employer's/sole proprietor's EIN and not the plan EIN, correct? As in, there is no section on the 5500-EZ to report the plan's own EIN."