⚠️ Your Retirement Plan Could Cost You $150,000 in Penalties ⚠️
If you have a solo 401(k) or one-participant retirement plan, the IRS requires you to file Form 5500-EZ.
It’s just a simple two-page filing, but failing to submit it can trigger penalties of $250 per day, capped at $150,000.
🔹 You must file if your plan has more than $250,000 in assets at year-end.
🔹 You must also file a final return once all assets are distributed—even if your balance was small.
🔹 Deadlines generally fall on July 31 (or October 15 with an extension).
The good news: If you missed past filings, the IRS Late Filer Penalty Relief Program may help you avoid the penalties—by filing delinquent forms and paying a modest fee (capped at $1,500 per plan).
💡 Takeaway: Don’t ignore this requirement. Even small oversights in retirement plan filings can snowball into massive penalties.

Video Script
Did you know your retirement plan could expose you to $150,000 in IRS penalties? If you have a solo 401k or one-participant retirement plan, you’re required to file Form 5500-EZ. It’s just two pages, but missing it costs $250 per day, capped at $150,000. Here’s what you need to know: File if your plan has over $250,000 in assets at year-end. File a final return once all assets are distributed, even with a small balance. Deadlines usually fall on July 31, or October 15 with an extension. The good news? The IRS Late Filer Penalty Relief Program may reduce penalties to as little as $1,500. This has been a tax saving tip from Accounting Solutions. Book a time to learn more.

Disclaimer: This content is provided for educational purposes only and is not legal, tax, accounting, or financial advice. Every situation is unique, so consult your own attorney, CPA, or financial advisor before making decisions based on this information.