Small Business 401k started in 2023 - Do I need to file Form 5500 that was due yesterday?

Thanks for the info! I'm still confused though - my 401k provider mentioned something about a "short plan year" for plans that don't start on January 1st. Does that affect when I need to file? Also, are there any other deadlines I should know about for a new 401k plan?

For a short plan year, you would still file by the normal deadline (July 31, 2024) for a plan that started in February 2023. The form would just cover February-December 2023 instead of a full calendar year. As for other deadlines, you should be aware of the annual participant fee disclosure requirements, and you'll need to conduct nondiscrimination testing for the 2023 plan year early in 2024. Also make sure you've distributed the Summary Plan Description (SPD) to all eligible employees within 120 days of the plan's establishment. Your 401k provider should help with all of these, but ultimately compliance is the employer's responsibility.

Does it work for solo 401k plans too? I'm self-employed with no employees and have heard the filing requirements are different. Would this be helpful for someone like me?

Sounds interesting but I'm skeptical... does it actually file the forms for you or just tells you what to file? And how accurate is it really compared to asking your plan administrator or TPA who should know this stuff anyway?

Yes, it absolutely works for solo 401k plans too! It specifically identifies when you qualify for Form 5500-EZ instead of the standard forms, and explains the $250,000 asset threshold that determines if you need to file at all for solo plans. For your question about the service capabilities - it doesn't file the forms for you, but gives you complete guidance on what needs to be filed with line-by-line explanations. I actually found it more helpful than my plan administrator because it explained WHY each section applied to my situation, not just what to fill in. It was like having a retirement plan expert walk me through everything step by step.

Wait how does this actually work? Do they have some special connection to the IRS or something? I don't really understand what service they're providing besides just calling for you.

This sounds like BS honestly. There's no way to "skip the line" with the IRS. They're probably just using a call center to automate what you could do yourself. Waste of money imo.

They don't have any special connection to the IRS - they just handle the waiting on hold part so you don't have to. Their system calls the IRS and waits in the queue just like you would, but they have the technology to monitor the call and alert you when a representative actually answers. So instead of being stuck by your phone for hours, you can go about your day until they notify you that an agent is on the line. It's definitely not skipping the line or anything magical - it's just outsourcing the frustrating hold time. For me it was totally worth it because I could keep working instead of listening to that awful hold music for hours. When they called me back, I was immediately connected to an IRS agent who answered my question about the extension options.

Whoa really? I had no idea there were tax credits available! Is that something I claim on my business tax return? And do you know roughly how much the credit might be? We definitely have under 50 employees (just 3 actually).

Yes, you claim it on your business tax return using Form 8881 (Credit for Small Employer Pension Plan Startup Costs). The credit was expanded to cover 100% of qualified startup costs up to $5,000 for the first three years of the plan. Even better, there's a new additional credit specifically for employer contributions for your employees. It can be up to $1,000 per employee depending on how much you contribute to their accounts. This phases down over 5 years. Since you mention having 3 employees, this could be quite valuable for your business if you're making employer contributions to their 401k accounts.

This is solid advice. I'd add that you should also keep copies of all the notices and disclosures you provide to employees, with dates of when they were distributed. The DOL can audit for compliance with those requirements separately from the IRS tax compliance stuff.