Small businesses that fail to file required annual retirement plan returns, usually Form 5500-EZ, can face stiff penalties — up to $15,000 per return.

The IRS requires employers to file Forms 5500, 5500-SF and 5500-EZ electronically. Businesses maintain complete records of activities related to profit-sharing plans to help prepare accurate filings.

If you have a Solo 401 (k) plan, it’s important to be aware of Form 5500-EZ and its filing requirements.