There can be relief from penalty under Rev Proc 2014-32 for late filed Form 5500EZ for one participant plans. Generally one participant plans do not have to file 5500EZ if the plan has assets under $ 250,000 at the end of the year. The instructions state it includes combined defined contribution plans. Question- one sole participant with a 401k plan and a SEP IRA in a self directed brokerage account. If the combined assets are more than $ 250,000 do you have to file 5500EZ for the SEP(a defined contribution plan). If the assets of the 401K is over $ 250,000 a Form 5500 EZ is required. What about the SEP-my research indicates a 5500 does not have to be filed for the SEP. I would feel more comfort if the board agrees.
Thanks---this board is wonderful.