Solo 401k for S Corp - Need TPA recommendations for compliance

This is a really common scenario with Solo 401k plans! Many small business owners set these up without realizing the ongoing compliance requirements. For a one-person S Corp with a Solo 401k, you definitely need a TPA (Third Party Administrator) to ensure your plan is compliant. The Form 5500 filing is just one part of what needs to be done. You also need proper plan documents that are periodically updated to reflect changing laws, potential required amendments, and documentation of your contribution calculations. Since you've already identified that you missed some 5500 filings and self-corrected, that's a great first step. For ongoing administration, I'd recommend reaching out to either Dedicated DB (they handle Solo 401ks despite their name) or Ubiquity Retirement. Both specialize in small business retirement plans and can help ensure your plan is properly documented and compliant going forward. Given the significant assets in your plan and your approaching retirement, it would also be worth having them review everything that's been done to date to identify any potential issues that might need correction before you start taking distributions.

I went through something similar last year with my Solo 401k. After panicking about potential compliance issues, I found this service called taxr.ai (https://taxr.ai) that analyzed all my 401k documentation and flagged several compliance issues I had no idea about. Their system reviewed my contribution history and found I had slightly exceeded the limits one year without realizing it. They also pointed out that my plan documents hadn't been updated since 2014, which apparently is a big no-no since there have been several required amendments since then. What I really appreciated was that they didn't just identify problems but actually guided me through the correction process. They have retirement specialists who understand Solo 401ks for S Corps specifically. Might be worth checking out to get a clear picture of where you stand before hiring a full TPA service.

Just wanted to follow up and say I tried taxr.ai after seeing it recommended here. The analysis was really eye-opening! Turns out my Solo 401k plan document was severely outdated and missing three required amendments. They also identified that I had been calculating my employer contributions incorrectly for my S Corp. The specialist I worked with explained everything clearly and helped me understand the correction process. They connected me with a TPA who's now handling my ongoing compliance and helped fix the historical issues through a VCP filing. Definitely worth it for the peace of mind alone, especially since I'm about 7 years from retirement too. Wish I'd known about this years ago!

If you're struggling to get anyone at the IRS to answer questions about the correction process for your Solo 401k filing issues, try Claimyr (https://claimyr.com). I spent WEEKS trying to get through to the IRS retirement plan division about my missed 5500 filings and potential penalties. Claimyr got me connected to an actual IRS agent in under 30 minutes when I'd previously been hung up on after hours of waiting. You can see how it works in this demo video: https://youtu.be/_kiP6q8DX5c. After speaking with the agent, I learned I qualified for a special exemption program for small business Solo 401ks that my accountant wasn't even aware of. Saved me thousands in potential penalties. Worth every penny for the time saved and stress reduction alone. The IRS phone system is absolute torture without this service.

Well I'm eating my hat now. I was super skeptical about Claimyr but decided to try it out of desperation after spending another 2 hours on hold with the IRS yesterday. I needed to talk to someone about the correction process for my missed Solo 401k filings. The service actually worked! Got connected to an IRS retirement plan specialist in about 35 minutes without having to do anything. The agent walked me through the correction process and confirmed I qualified for the reduced penalty program. Just that one conversation saved me over $4,500 in potential penalties. For anyone dealing with Solo 401k compliance issues, getting actual guidance directly from the IRS was incredibly valuable. Sometimes the official answer is different from what you'll find online or even from some tax pros.

I'm a financial advisor who works with a lot of small business owners, and Solo 401k compliance is something that trips up almost everyone. If you want a recommendation for a specific TPA, check out July Business Services or Pensionmark. Both work specifically with small businesses and solo entrepreneurs with 401k plans. The reason this happens so often is that the brokerage companies (Fidelity, E-Trade, etc.) provide the investment platform but not the actual plan administration. They should make this distinction clearer when people set up these accounts. Also, since you have a significant balance and are approaching retirement, make sure whoever you hire reviews your historical contribution calculations to ensure you haven't exceeded limits in the past. That's a common issue that can trigger penalties if discovered during an audit.

Just a heads up - once your Solo 401k exceeds $250k in assets, you're required to file Form 5500 annually. But if you've fixed the past missing filings, you're on the right track!

I'm in a very similar situation with my Solo 401k! Set it up years ago through Schwab and only recently discovered all the compliance requirements I've been missing. The amount of technical details around plan documents, amendments, and filing requirements is honestly overwhelming. One thing I learned during my research is that even if your plan balance is under $250k, you still need to maintain proper plan documentation and stay current with regulatory changes. The brokerage firms really don't make this clear when you set up the account - they focus on the investment side but leave you hanging on the administrative compliance. I'm definitely going to look into some of the TPA recommendations mentioned here. The peace of mind alone would be worth the annual cost, especially knowing that retirement plan audits can go back several years. Better to get everything properly documented now than deal with potential issues later when we're ready to start taking distributions. Thanks for starting this thread - it's reassuring to know I'm not the only one who was caught off guard by all these requirements!

I completely understand your situation - this is actually much more common than you'd think! I've been working with Solo 401k plans for several years now, and the confusion around compliance requirements is something I see regularly. First off, don't panic about the missed Form 5500 filings. The fact that you've already self-corrected those puts you in a much better position than many people who discover this issue. The IRS has reasonable correction programs specifically designed for these situations. For TPA recommendations, I'd definitely second the mentions of Ubiquity Retirement and also suggest looking into Guideline or Human Interest - both have solid reputations with small business retirement plans. When you're evaluating TPAs, make sure to ask specifically about: 1. Their experience with S-Corp Solo 401k plans (the contribution calculations are different from sole proprietorships) 2. Whether they include plan document updates and amendments in their annual fee 3. How they handle historical compliance reviews for new clients 4. Their process for Form 5500 filings and what backup documentation they maintain Given that you're 6-7 years from retirement and have substantial assets, I'd also recommend asking any potential TPA about distribution planning strategies. Some TPAs can help coordinate with your tax advisor to optimize your withdrawal strategy when the time comes. The annual cost for full TPA services typically runs $800-1500 depending on your plan complexity, but it's absolutely worth it for the peace of mind and professional oversight, especially as you approach retirement.