Our solo 401(k) Plan clients are able to serve as trustee and plan administrator of their own retirement plans.
Miami, FL (PRWEB) May 11, 2012
IRA Financial Group, the leading provider of solo 401(k) Plans, introduces free plan administration services for its solo 401K plan clients. With IRA Financial Group’s Solo 401K Plan, sole proprietorships or small business owners with no full-time employees can have their own retirement plan without having to pay annual plan administration fees. “Our solo 401(k) Plan clients are able to serve as trustee and plan administrator of their own retirement plans, “ stated Adam Bergman, a tax attorney with the IRA Financial Group. “Because a Solo 401(k) Plan has no employees it is not governed by the ERISA rules, which makes administering ones own plan fairly easy,“ stated Mr. Bergman.
The Solo 401K Plan, also known as an individual 401K was initially created to provide sole proprietorships and small business owners with no full-time employees with an easy and cost effective retirement program. The IRS did not want small business owners to have spend considerable time or waste resources on complying with numerous administrative rules and regulations with respect to their retirement plan. From a Solo 401K plan administrator standpoint, the solo 401(k) Plan is easy to operate. There is generally no annual filing requirement unless the solo 401(k) Plan exceeds $250,000 in assets, in which case one will need to file a short information return with the IRS (Form 5500-EZ). In other words, if a solo 401(k) Plan has less than $250,000 in asset value, the Plan would not be required to file the annual IRS Form 5500EZ.
For Solo 401(k) Plans that have assets with a value in excess of $250,000, the plan administrator is required to file the IRS Form 5500-EZ. The tax professionals at the IRA Financial Group will help clients complete the IRS Form 5500EZ as well as offer tax support with respect to any questions on the plan making serving as plan administrator safe and easy. “By using our solo 401(k) Plans, our clients are able to save hundreds of dollars each year in administrative fees, “ stated Maria Ritsi, a paralegal with the IRA Financial Group.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP and Dewey & LeBoeuf LLP.
IRA Financial Group is the market’s leading “Checkbook Control” Self Directed IRA and Solo 401k Plan Facilitator. We have helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate tax-free and without custodian consent!
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.