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Plan Name and EIN Change
Posted by David K. on February 15, 2023 at 5:31 amMy one person LLC S corp company has been filing the 5500 form for 15 years now using the same EIN as my business EIN.
When I setup this new account with mysolo401k and change the name and use a new EIN for the trust, do I continue to submit the annual 5500 and just note that in PART II, Section 4 on the 5500-EZ form? Is is that simple or is there additional paperwork to file with the IRS to change the plan name and EIN properly.
That is the only thing hanging me up before I sign up. Thx.
George Blower replied 1 year, 1 month ago 3 Members · 4 Posts -
3 Replies
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David K.
February 15, 2023 at 5:31 amMy one person LLC S corp company has been filing the 5500 form for 15 years now using the same EIN as my business EIN.
When I setup this new account with mysolo401k and change the name and use a new EIN for the trust, do I continue to submit the annual 5500 and just note that in PART II, Section 4 on the 5500-EZ form? Is is that simple or is there additional paperwork to file with the IRS to change the plan name and EIN properly.
That is the only thing hanging me up before I sign up. Thx.
David K. -
George Blower
February 16, 2023 at 3:09 amThank you so much for your good post!
We have many clients who start with a pre-existing Solo 401k plan who wish to upgrade to our plan to take advantage of the features that our plan offers (including Mega Backdoor Roth, the ability to invest in alternative investments like real estate, the ability to take a 401k participant loan, etc.) and the service that we provide including Form 5500-EZ preparation and submission, 1099-r preparation and submission, etc.
The process to convert an existing Solo 401k plan is called a restatement.
As part of the restatement, we obtain an EIN for the Solo 401k which meets the IRS expectation.
Please note that the EIN of the self-employed business is used to file the Form 5500-EZ and will continue to be used to file the Form 5500-EZ going forward (the EIN of the solo 401k is not used to file the form 5500-EZ) so there will be no change to the EIN used to the file Form 5500-EZ as a result of the restatement.
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George Blower
March 1, 2023 at 9:32 amWhile many clients choose to use the same name, a new name may be used (in which case the name change will need to be noted on the next 5500-EZ).
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