Form 5500 prep fee

[Snaggletooth]

Penalty

Thanks for the dissertation on the difference between defined benefit and defined contribution too..

When I quit doing them, I believe the penalty was $500/day late with a maximum of some
$100,000. The big problem with the filing late was the various employers would not get their information to you in time, and then it is YOU that's stuck in the middle.

[JoshinNC]

That's a heck of a penalty

When I quit doing them, I believe the penalty was $500/day late with a maximum of some
$100,000. The big problem with the filing late was the various employers would not get their information to you in time, and then it is YOU that's stuck in the middle.

I'll need to make sure I want to tackle this. I don't know why his 401k provider isn't handling this. He is living in Denmark (Swedish National) on a contract job for his new employer, so the time/distance thing makes communication a little more difficult.

[BOB W]

Your client may have a 1 person 401k plan that now has assets over $100,000 for the first time, thus requiring a 5500. There is no assigned administrator for this type of plan. A 5500EZ will probably work for this and is basically simple when you get the info required. Review the 5500EZ so that a starting point is established for info needed.