Form 5500 EZ Regulatory Requirements and Retirement Plans for Self-Employed Individuals

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • CSA
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

A 2020 study conducted by the Freelancers Union and Upwork estimates that there are 57 million freelancers in the U.S., an increase from 53 million reported in 2014. According to the report, this represents more than 35% of the country's entire workforce.

The joys of self-employment are many, but so are the stressors. High among those is the need to plan for retirement entirely on your own. While this entrepreneurial spirit is to be applauded, less laudable is the fact that 30% of those who are self-employed save for retirement sporadically while 15% aren’t even saving at all.

That is a problem. If you are self-employed, you are busy but retirement savings must be a priority. You are in charge of creating a satisfying quality of life post-retirement. When it comes to building that life, the earlier you start, the better. Luckily, there are several retirement plans for those who are self-employed.

  • For self-employed workers, setting up a retirement plan is a do-it-yourself job.
  • There are four available plans tailored for the self-employed: one-participant 401(k), SEP IRA, SIMPLE IRA, and Keogh plan.
  • Health savings plans (HSAs) and traditional and Roth IRAs are two more supplemental options.

Form 5500-EZ is the designated form for plans with only one participant, such as where a single-owner business invests in a stand-alone retirement plan.

Form 5500 EZ is an important regulatory filing that can alert the IRS of plan errors with significant fines and penalties.  Form 5500 EZ is used by one-participant plans that are not subject to the requirements of ERISA and that are not eligible or choose not to file Form 5500 SF. The importance of this is sometimes-overlooked while filing and it results in occurrence of common errors.

This online CPE webinar will discuss the basic options for tax-deferred retirement plans and Form 5500 EZ regulatory requirements for self-employed individuals, plan sponsors and retirement plan service providers.

Key topics covered in this online CPE/CE webinar:

  • What are the different plans for self-employed individuals and how they work?
  • What are the reporting requirements for retirement and health welfare plans?
  • What are the requirements for filing Form 5500 EZ?
  • What are the penalties associated with the failure to file Form 5500 EZ?

Learning Objectives

  • To discuss the basic retirement plan options available for self-employed individuals, plan sponsors and retirement plan service providers including 401(k)/profit sharing plans, cash balance plans and IRA-based retirement plans.
  • To be familiar with Form 5500 EZ and the related filing requirements.
  • To recognize the important deadlines related to retirement plans for self-employed individuals including correction for errors and missed deadlines.

Recommended For

  • This online IRS approved CE course is recommended for CPA, EA, AFSP, and Other Tax Professionals involved in filing and review of various federal tax returns.
  • This online CPE webinar for CPAs is also recommended for PFS and Other Financial Planning Professionals involved in retirement planning for their clients.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • Certified Public Accountant (CPA)
  • Certified Senior Advisor
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPD Credit of Fundamental Financial Planning Concepts for Personal Financial Specialist (PFS)
  • 1 CE Credit of Taxes for Enrolled Agents (EA)
  • 1 CE Credit for Certified Senior Advisor (CSA)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. 00521-21)
  • 1 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. 00521-21)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Kimberly Flett, CPA, MST, QKC, CHRS

Partner, ERISA/Employee Benefit Tax Services

As a CPA, I endeavor to serve the business community, clients and plan sponsors by exemplifying commitment, dedication and integrity to ERISA following the standards of the AICPA, IRS and DOL in a public accounting environment. I recognize my part in collaboration with colleagues and leaders is most successful as a cooperative team that does not serve the self-interests of any one individual.

#missionstatement #cpafirst #clients

Kimberly is a partner with ERISA & Tax Financial Services, LLC, a CPA Firm with a specialty focus in retirement and health & welfare plans taxation. With 25 years of experience in ERISA, including international and regional CPA firms, she has led professionals in all aspects of qualified plans including government and tax compliance, ERISA consulting, technical review, internal quality control, and retirement plan design and administration. Kimberly has worked extensively with medical plan consulting, including welfare benefit plans and specializes in the Affordable Care Act. She has been a compliance expert assisting audit employee benefit plan practices, in addition to a technical advisor for national ERISA answer desks and leadership teams. Her client expertise comprises all industries including not-for-profit, healthcare, professional service firms and manufacturing sectors and clients have encompassed solo entrepreneur businesses to Fortune 50 companies. Kim is a frequent writer and lecturer including speaking at the AICPA’s annual Employee Benefit Conference.

Kim received her Bachelor of Science from Cleveland State University with majors in accounting and education and in October, 2020 completed the Master's of Science in Taxation program from William Howard Taft University. She is a member of the American Institute of CPAs, The Ohio Society of CPAs, National Institute of Pension Administrators and the American Society of Pension Professionals & Actuaries. Kim has served on ASPPA boards including former Chair of the ASPPA Journal Committee and currently works with NTSA with technical alerts. She is a 2012 graduate of Leadership Akron’s Community Leadership Institute, a member of the AICPA Employee Benefits Tax Resource Panel and a member of the AICPA Health Reform Task Force.

Additional ASPPA Designations include QPA, QKA.

"It's all about the people”

ERISA & Tax Financial Services, LLC logo, stock, and tradename are under copyright ©. 

About Company

ERISA/Employee Benefit Tax Services

erisataxservices.com/

ERISA & Tax Financial Services, LLC works with an extensive and experienced network of professionals in the business community dedicated to providing retirement plan and health and welfare plan services. ERISA & Tax is a woman-owned CPA Firm in the State of Ohio providing services throughout the USA and beyond.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Form 5500 EZ Regulatory Requirements and Retirement Plans for Self-Employed Individuals

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