Administering the Solo 401(k) Plan – The IRS Form 5500-EZ

June 9th, 2014

In general, the solo 401(k) plan is easy to operate. There is generally no annual filing requirement unless the fair market value of your solo 401(k) plan asset exceeds $250,000, as of December 31 of the previous year. If your solo 401(k) plan assets exceed $250,000 as of 12/31 of the previous year, you will need to […]

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Do I Have to File a Tax Return with a Solo 401(k) Plan?

May 10th, 2012

No – a Solo 401(k) Plan is treated as a tax-exempt trust pursuant to Internal Revenue Code Section 401 and 501 and, thus, is not required to file an annual federal or state income tax return. The Solo 401K Plan was initially created to provide sole proprietorships and small business owners with no full-time employees […]

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Solo 401K

June 28th, 2011

An individual 401K is referred to as a solo 401K, specifically designed in 2002 for the self-employed individual. In today’s economy, many have gone into a self-employment mode to make ends meet or have come across an opportunity for a career and lifestyle transition. The solo plan works similar to a self directed IRA, allowing for retirement planning and tax saving contributions with some additional business deductions for the owner.

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Self Directed IRA & Solo 401K Plans with Foreign Bank Accounts- Filing Deadline Approaching

June 9th, 2011

United States persons are required to file an FBAR if:

The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
The aggregate value of all foreign financial accounts exceeded $10,000

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