Form 5500: What You Need To Know
Posted: June 10, 2024
Attention Employers: Don’t Miss Your Form 5500 Deadline!
Here’s a simplified breakdown of what you need to know about filing your employee benefit plan report:
Who Needs to File?
- Employers subject to ERISA (Employee Retirement Income Security Act) with employee benefit plans, unless exempt.
What to File?
- Form 5500 (annual report) for each employee benefit plan.
When to File?
- Deadline: July 31, 2024 for calendar year plans (unless exempt).
- Extension: October 15, 2024 by filing Form 5558 with the IRS (paper form only for 2024).
Exemptions:
- Small welfare benefit plans with fewer than 100 participants (unfunded or fully insured).
Filing Electronically:
- Use the Department of Labor’s EFAST2 system (recommended).
Late Filings?
- Consider the Delinquent Filer Voluntary Compliance Program (DFVCP) to avoid higher penalties.
Penalties:
- Up to $2,670 per day for non-filing or incomplete filings (can be waived for reasonable cause).
Visit IRS.gov for more information
