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Pomona California Form 5305-SIMPLE: What You Should Know

A Form 5305-SIMPLE that provides the same service must also be submitted  with the form. The SIMPLE notification service must be initiated via this form. The SEP and SIMPLE notification duties are different and are not required by the same rule. The requirements for the SEPT notification and the SIMPLE notifications require the use of two  forms for identical services within the same business/corporation. Notice Requirements. Notification Duties.  Before the plan becomes effective, the employer must notify the IRS: on Form 1099-L (or Form 1099-SEP if no SEP) of the plan and the SEP provisions that will apply to the plan; on Form 1099-ES (or Form 1099-SIMPLE if no SIMPLE provisions apply) of the SIMPLE provisions; and on Form 5305-SIMPLE of the new model plan. When an employee receives the notice, the employee will need to sign and date the form (or other appropriate paperwork) and file the form with the IRS and other required government agencies.  As an employee, you should also send the form on a printed copy of the employer's business letterhead to your boss. You may also need to provide your employer with a copy of: the Form 5305 application to become part of the SEP/SIMPLE plan; and a completed copy of the Form 1099-GS for the period prior to the date you become eligible for SEP/SIMPLE.  This document must be filed in the name the employee(s) for whom the SEP benefits are offered. If Employer Does Not Offer SEP or SIMPLE If the employer does not offer SEP or SIMPLE benefits, no one will receive the notice provided the plan is filed. If the plan does not have the required SEP provisions, the employee cannot be notified. This would apply to employers who are not SEP/SIMPLE participants. See Form 5305, The Simplified Employee Retirement Plan and Form 5305-SIMPLE,The Simplified Retirement Income Plan for a list of plans with SEP provisions that are not required to submit the SEP forms. SEP/SIMPLE plan provisions are only applicable to employees of businesses that are SEP/SIMPLE participants.

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