Have you got a solo 401(k) plan with more than $250,000 in it?
If you do, here’s a question you need to answer now:
Did you, your tax preparer, or plan administrator file a 5500-EZ?
If you’re not certain, you better check this out immediately because a failure to file could cost you a lot of money in fines.
Want to find out if you’re at risk and what to do if you are? Easy. Read my new article titled Tax Tips: How Many $15,000 Penalties Do You Face for Not Filing Form 5500-EZ?
Three ways our fact-filled article can help you:
- We’ll tell you how much money you stand to lose. The penalty for not filing the required 5500-EZ for a plan year is severe. For example, if you haven’t filed for 10 years, you owe the government $150,000! As you can see, we’re not talking about chump change. We’ll give you all the facts when you read the full article.
- You’ll learn how to take advantage of a new amnesty program. Let’s say you missed the boat and never filed your 5500-EZ. Don’t panic…yet. Uncle Sam offers you a way to get back into compliance as you’ll learn when you read the full article.
- We’ll explain the “reasonable cause” option. There’s another way to play the game. Instead of applying for the amnesty program, you can apply for “reasonable cause” relief. This approach has advantages and disadvantages as you’ll learn when you read the full article.