Each Monday 401kBasics posts a new tip as a part of our series “Plan Sponsor Quick Tips”. This series is designed to assist plan sponsors in filling their fiduciary role and running their retirement plan efficiently. Your feedback or suggestions on future articles is welcome.
The deadline for filing the Form 5500 is seven months following the plan year-end. An extension allowing for an additional 2.5 months can be obtained by filing a Form 5558. If your plan year-end is December 31st and you filed this extension of time then the deadline for filing your Form 5500 is October15th, which is just around the corner. The accuracy of the Form 5500 is very important as it illustrates to the IRS and DOL your plan operations and adherence to compliance. Because the Form 5500 is being filed electronically this year, below are some tips to assist you with the process:
- Visit the Frequently Asked Questions section of the EFAST2 website before submitting a filing.
- Obtain Filing Signer credentials in order to include an electronic signature on each Form 5500 that you file.
- Remember to include a report of an independent public accountant if filing with a Schedule H. (Plans that cover 100 or more participants.)
- An amended filing will need to be submitted if an error is received from then initial submission.
Please keep in mind that any late submissions of the form 5500 could result in penalties from the government. Filing the Form 5500 today will prove more beneficial than doing it on October 15th, which will probably have the EFAST2 website overloaded with traffic. If you experience any difficulties during the filing process, make sure that you contact your service provider for assistance. As always, you should retain a copy of your Form 5500 and Summary Annual Report in your plan records along with the signer credentials, which will also be required next year. Happy filing!
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