Every year at tax time, your CPA goes over your company books, prepares your personal return and — after a few weeks of grinding — hands you something to sign.It means that you are filing your taxes, not the accountant. By signing, you attest to understanding every page, every deduction, every credit. If it turns out that your return is full of mistakes, you still signed it.
Small-business owners have another, completely different tax form to worry about, called Form 5500. And not one, but two government agencies look at it every fiscal year.Think of it as an annual report: Included are details about the size and participation rate of your plan, the investments held, and what you pay in fees to financial advisers and fund managers.The IRS looks at your 5500, but so does the Department of Labor . And both have the power to audit plans found lacking.
Fall short in any of these areas and an expensive, time-consuming audit can follow. Filing your 5500 late can cost $25 a day up to $15,000 from the IRS. On the Department of Labor side the late fee is $1,000 a day with no maximum. The key to avoiding 5500 problems is to know that your plan provider is filing yours correctly, on time, and that your plan passes all of these audit checks, and more. You’ll need to sign it, but that’s not the same as knowing everything it says, in public, about your 401.
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