Returns for calendar-year retirement plans are due today (the basic due date of July 31 was on a Sunday this year). The IRS lists the form to file, where to file, and how to obtain an extension. One-person plans may be exempt from filing if total assets at year-end don’t exceed $250,000 (provided it’s not the final plan year). No returns are required for SEPs and SIMPLE-IRAs. Note: Changes to 5500 forms apply to 2022 plan years reported in 2023. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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