Rev. Proc. 2015-32 provides a new permanent procedure for Solo 401k plans to receive penalty relief for late filed 5500 EZ returns without having to demonstrate reasonable cause for the late filing. Eligible plans include plans covering only the business owner and their spouse or one or more partners and their spouses that have not received a notice from the IRS regarding late returns. The permanent relief does include a filing fee of $500 per delinquent return, up to a maximum of $1,500 per plan. In addition, Rev. Proc. 2015-32 requires a Form 14704, Transmittal Schedule, be submitted with the late returns.
In case you need it, a good practice is to file for an extension each year to give yourself an extra 6 months to file each year.
Solo 401k Plan: Your Opportunity for Checkbook Control of Your Future
