Form 5500-EZ

Form 5500-EZ

A form that a pension fund or other retirement plan files with the IRS for annual reporting purposes. In order to be eligible to file Form 5500-EZ, the pension or plan must have one and only one participant (including a spouse) or be a foreign plan required to report to the IRS.
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Small businesses that fail to file required annual retirement plan returns, usually Form 5500-EZ, can face stiff penalties: up to $15,000 per return.
White recommends, those who seek to invest using the i401k, "consult a tax professional to make sure that they are making their contributions correctly and to help them fill out the form 5500-EZ when their i401k accumulates over $250,000.
Effective for plan years beginning in 2007, the threshold for filing IRS Form 5500-EZ (one-participant plans) is increased from $100,000 to $250,000.
The requirements exclude filers of Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan, and Form 5500, Annual Return/Report of Employee Benefit Plan, for plans without employees.
Department of Labor's Employee Benefits Security Administration, the Internal Revenue Service and the Pension Benefit Guaranty Corporation announced an extension of the deadline for filing Form 5500 and Form 5500-EZ annual returns/reports due to property damage, destruction and power outages that resulted from Hurricane Isabel.
Filers entitled to this extension of relief should check Part 1, Box D on the Form 5500 or Part 1, Box B on Form 5500-EZ and attach a statement labeled "Hurricane Isabel 2003" explaining the basis for the extension being claimed under this relief.
Among other features of the Individual 401(k) plan, business owners get the added benefit of Principal Trust Company acting as the directed trustee over the plan, and coordinating the preparation of required plan compliance tests as well as Form 5500-EZ if needed.
For Form 5500-EZ filers, the elimination of Schedule P is effective for the 2005 and later plan years.
Written requests to inspect or to obtain a copy of Form 5500-EZ should be sent to Internal Revenue Service Center, PO Box 9941, Stop 6716, Ogden, UT 84409.
The extension applies to plan administrators, employers and other entities who file the Form 5500 and Form 5500-EZ that are located in the areas designated as federal disaster areas because of last month's terrorist attacks.
Filers entitled to the extension relief described above should check Part 1, Box D, on the Form 5500, or Part 1, Box B, on the Form 5500-EZ, and attach a statement labeled "SEPTEMBER 11, 2001 TERRORIST ATTACK" that explains the basis for the extension being claimed.
The IRS has also released information copies of the Form 5500-EZ return to be used by certain one-participant retirement plans for plan year 2000 filings and related instructions.