S corporation established a SIMPLE IRA in 2012 and has had only the same 2 employees participating (the sole shareholder and a long-time employee).
S corporation contributes 3% of gross salaries, before the deduction of the employee SIMPLE IRA contributions, by each employee.
1. What is the requirement to file FORM #5500? Is it based on assets of the plan at
a certain date. When is that date and what amount of assets triggers the filing requirement.
2. Who typically prepares and files the required FOrm of the plan with IRS. I presume is #FORM 5500? Is it the CPA, or
bank, or brokerage firm where the funds are invested?
3. IS the brokerage firm, in this case where the funds are invested, required to send annually a statement of assets, liabilities and net worth of the plan to the S corp.
4. Would the brokerage firm, in this case being where the funds are managed, typically file these required IRS forms