CP214 is a reminder notice for Employee Plans filers who previously filed a Form 5500-EZ or Form 5500-SF. Because filers are only liable to file a return under certain conditions, this notice serves to remind them of their obligation to review their plan status and timely file a return if they meet these conditions.
What you need to do
- Because the CP 214 is a reminder notice, you don’t have to respond.
You aren’t required to file a Form 5500-EZ or 5500-SF for the plan year if the plan’s total assets (either alone or in combination with another one-participant plan you maintain) are $250,000 or less, unless this is the final plan year. For more information, see Form 5500-EZ Instructions and the second page of the notice.
You may want to
- Review the requirements for filing a Form 5500-EZ or Form 5500-SF.
- Review the filing requirements for your plan and determine if you are required to file a Form 5500-EZ or Form 5500-SF for the plan period referenced on the notice.
- If you are required to file, complete and submit your Form 5500-EZ or 5500-SF on or before the filing deadline.
Answers to common questions
When are CP 214 notices sent?
The CP 214 notice is sent two months before the plan year ends.
What should I do if I receive a CP 214 notice?
Review your records to determine if you’re required to file a Form 5500-EZ (or 5500-SF) for the current plan year. If you are, you must file the return by the last day of the 7th calendar month after the end of the plan year (July 31 for calendar-year plans). You may use Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, to apply for a one-time extension of time to file.
Who is responsible for filing the Form 5500-EZ or 5500-SF?
The plan sponsor is responsible for filing annual Form 5500-EZ or 5500-SF.
In some cases, the plan sponsor may have a contract with an outside administrator who may complete the form. However, the plan sponsor or plan administrator is responsible for the accuracy of the filing and must sign the return. To determine if your contract with an outside administrator covers the completion of the form, review your contract.
Where can I find more information about who needs to file a Form 5500-EZ or Form 5500-SF?
For more information on Employee Plans returns visit www.irs.gov/ep or call 1-877-829-5500.
Tips for next year
Consider filing your one-participant plan return electronically by using the Form 5500-SF on the EFAST2 system. Filing electronically makes the process easier for the filer and increases data accuracy. For more information, visit the Welcome page for EFAST2 link below where you can find answers to Frequently Asked Questions.
How to get help
- Call the 800, 866 or 888 number listed on the top right corner of your notice.
- Authorize someone (such as an accountant) to contact the IRS on your behalf using Form 2848, Power of Attorney and Declaration of Representative (PDF).
- See if you qualify for help from a Low Income Taxpayer Clinic.