If your practice had a 401k/Profit Sharing Plan in place during 2019, make sure to file a Form 5500 for your practice retirement plan by July 31st.? There are no taxes due with this form. Instead, the Form 5500 is an informational filing only. ?SEPs and SIMPLEs are exempt from this annual filing requirement.
While no taxes are due, the PENALTIES FOR FILING THE FORM 5500 LATE ARE ONEROUS ? A WHOPPING $250 PER DAY!! Learn more at: https://www.irs.gov/retirement-plans/increased-penalties-for-failure-to-file-retirement-plan-returns.
Please reach out to the ?Third Party Administrator? (TPA) for your plan to get the ball rolling.? Ultimately, it?s up to you to make sure that you meet this deadline by filing either the Form 5500 or the Extension Form 5558 (https://www.irs.gov/pub/irs-pdf/f5558.pdf) by 7/31/20. More info available at: https://www.irs.gov/retirement-plans/form-5500-corner.