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What are the reporting requirements for a SEP?

April 26, 2017requirements SEP

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What are the reporting requirements for a SEP?

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An employer s reporting requirements for a simplified employee pension (SEP) plan are relatively minor. The employer must give each participant notice of an adoption of the SEP and the requirements that must be met by the participant for a contribution. There are no annual government reports required. However, the trustee must furnish annually, on IRS Form 5498, information regarding contributions and fair market values of the SEP. This information must be filed with the IRS and the participant.