Do you need a Form 5500??
Employers with more than 100 participants in their welfare benefit at the beginning of their Plan Year are required to file Form 5500 with the US Department of Labor.
Form 5500 preparation can be a time-consuming process. Human Resources staff often lack the manpower or specialized skills required to complete documents effectively. The penalties for late filing can be significant.
Form 5500 Timeline--
Employers must file the Form 5500 return by the last day of the seventh (7) month after the Plan Year end. For calendar year plans, the due date is July 31st of the following year. If necessary, it is possible to obtain a one-time extension of two and one-half months to file the return. Where a filing is not done until after the due date, plus the available extension, then there may be significant penalties imposed.
How Can We Help?
We perform the following as part of our Form 5500 Preparation Service:
Process Schedule A’s and include them on the Form 5500.
Obtain signatures which will allow us to e-file each return.
E-file the Form 5500.
Provide a copy of the forms which are e-filed to the appropriate representatives.
Provide a copy of the Summary Annual report which can be distributed to Plan Participants.
We can complete and e-file your Form 5500 in a very short period of time, which should avoid you having to request an extension of time to file.
When necessary, prepare, e-file, and provide all information required by the Delinquent Filer Voluntary Compliance Program.
Our fees are very competitive with those that are charged by other preparers.