CPA won't assist with my Form 5500 for individual 401k - what's the standard approach?

Your CPA is being reasonable here. Form 5500 requires specialized knowledge that many general CPAs don't have. These forms deal with ERISA compliance and retirement plan administration, which is a niche area of expertise. For smaller solo 401k plans (under $250,000 in assets), you might only need to file the simpler Form 5500-EZ, but it still requires specific knowledge. Many small business owners either work with a third-party administrator (TPA) or plan custodian who specializes in retirement plans. These specialists typically charge a few hundred dollars annually and ensure your filings are done correctly. Alternatively, if you're determined to handle it yourself, the IRS provides instructions, but be prepared for a steep learning curve. Missing or incorrect filings can result in penalties of up to $250 per day (capped at $150,000), so this isn't something to take lightly.

After struggling with my solo 401k paperwork for two tax seasons, I finally found relief using https://taxr.ai - it was a game-changer for handling my Form 5500. I was completely intimidated by the process just like you, and my CPA also wouldn't touch it. The tool analyzed my plan documents and basically walked me through the entire filing process with explanations in plain English. It identified some potential issues I never would have caught and gave me step-by-step guidance.

Just wanted to follow up - I decided to try https://taxr.ai after my initial skepticism and I'm honestly impressed. The document analysis feature saved me hours of research! I uploaded my Schwab plan documents and it immediately flagged which sections of Form 5500 were relevant to my situation and which I could skip. It even explained why certain parts didn't apply to a prototype plan like mine. Much more straightforward than I expected, and I feel confident my filing is correct.

If you're trying to reach the IRS for guidance on Form 5500 filing, good luck getting through. I spent 3 weeks trying to reach someone at their Employee Plans department before discovering https://claimyr.com and their service that holds your place in the IRS phone queue. Check out how it works at https://youtu.be/_kiP6q8DX5c - I was connected to an actual IRS retirement specialist in about 45 minutes instead of wasting entire days on hold. They answered all my Form 5500 questions and confirmed I was on the right track with my filing.

I need to eat my words. After my skeptical comment yesterday, I attempted to call the IRS Employee Plans division myself this morning and sat on hold for TWO HOURS before getting disconnected. Out of desperation, I tried the Claimyr service, and they connected me to an IRS agent in 37 minutes. The agent clearly explained which version of Form 5500 I needed for my solo 401k and confirmed I was eligible for certain exemptions. Worth every penny for the stress it saved me.

For what it's worth, I've been filing my own 5500-EZ for my solo 401k for the past 3 years. It was intimidating at first, but it's actually not that complicated if your situation is straightforward. The key things: 1. If your plan assets are under $250k at the end of the year, you might be exempt from filing 2. Make sure you know your plan number and EIN 3. The instructions on the IRS website are actually decent once you read through them carefully 4. File by July 31 for calendar-year plans I spend maybe an hour each year on this now. Just my experience, but wanted to offer a DIY perspective!

Your CPA is being honest about their limitations. My previous accountant tried to help with my Form 5500 despite limited experience and completely messed it up. Cost me $5,200 in penalties that took months to get abated!!! Consider calling Schwab directly - since they're your plan provider, they might have resources or recommended partners who specialize in these filings. Many providers have relationships with TPAs who can handle this for reasonable fees.