Form 5500-EZ for One-Participant Plans

The Form 5500-EZ and instructions have been released by the IRS according to an FAQ posted on the SunGard Relius website. The revised form and instructions include many changes. The FAQ addresses the following issues; see the full article for detailed information:

Has the DOL and the IRS changed the ability of one-participant plans to file Form 5500-EZ? Yes.
Can a plan eligible to file Form 5500-EZ file Form 5500 instead? No.
In determining whether an individual wholly owns a corporation for purposes of filing a Form 5500-EZ, do any attribution rules apply? No.
May a corporation with two shareholders and other employees file a Form 5500-EZ? No.
Under EFAST2, is a one-participant plan required to file electronically? No.
What conditions must a one-participant plan satisfy to file a Form 5500-SF?
If a one-participant plan elects to file a Form 5500-SF, will the plan complete all of the questions on the form?
Is a Form 5500-EZ subject to public disclosure on the DOL's website? No.
If the plan assets of a one-participant plan are $250,000 or less at the end of the plan year, does the plan need to file Form 5500-EZ? No.
In determining whether a plan exceeds the $250,000 threshold, will the plan need to include accrued contributions?
If a one-participant plan has been filing Form 5500 because it did not meet the 5500-EZ requirements (e.g., part of controlled group) but is now eligible to file Form 5500-EZ, may the plan cease filing if its plan assets at the end of the plan year are less than $250,000? Yes. However...

Please contact us with questions about the recently released Form 5500-EZ and instructions.

Form 5500-EZ for One-Participant Plans

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