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Posted by studiocenter on Apr 1, 2016

A Fresh Look at Your Form 5500 Filing

If your firm has a profit sharing plan, a 401(k) plan or some other tax-qualified retirement plan, then you have been given a Form 5500 to sign and file every year since your business adopted the plan. While the form looks like most other IRS forms, the information reported on the filing is automatically provided to the Department of Labor (DOL), the IRS and the Pension Benefit Guaranty Corporation (PBGC) by the electronic system that captures the data. This system is known as the ERISA Filing Acceptance System (EFAST2) and is funded and managed by the DOL.

  • How is the Form 5500 Data Utilized?
  • Which plans are considered "small"?
  • Which plans need an accountant's audit?
  • What is the due date for filing the Form 5500?
  • What's new on the 2015 Form 5500?
  • What information was the IRS attempting to collect?
  • Is this information readily available?
  • Why wouldn't the preparer want to show his or her information on the filing?
  • What are some questions that are significant to filers?
  • Employer Contributions
  • Making Benefit Payments When Due
  • Timely Deposit of Participant Contributions
  • What information must be reported to the plan participants?
  • Conclusion

This newsletter is intended to provide general information on matters of interest in the area of qualified retirement plans and is distributed with the understanding that the publisher and distributor are not rendering legal, tax or other professional advice. Readers should not act or rely on any information in this newsletter without first seeking the advice of an independent tax advisor such as an attorney or CPA.

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