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.

The IRS requires employers to file Forms 5500, 5500-SF and 5500-EZ electronically. Businesses maintain complete records of activities related to profit-sharing plans to help prepare accurate filings.

If you have a Solo 401 (k) plan, it’s important to be aware of Form 5500-EZ and its filing requirements.

The instructions on filing highlight changes made for 2024 for Forms 5500 and 5500-SF, the short-form series for small pension and welfare benefit plans. The IRS is set to release paper copies of and ...

In addition to the Form 5500 informational copies, the IRS has also released the 2021 Form 5500-EZ and related instructions.