When Is Form 5500 Due And How Is It Filed?

You must file Form 5500 along with any schedules electronically through the Department of Labor (DOL EFAST2 electronic submission system. No longer are paper filings accepted.

You can use third-party software to prepare and file the form, as well as any schedules. The filing deadline is seven months from the end of each plan year. For calendar-year plans, filing is due by July 31st of the next year. You can also get additional details on form 5500 preparation through https://www.cxcsolutions.com/compliance/form-5500/.

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Is it possible to extend the due date?

Yes, you can extend the filing deadline by up to two-and-a half months. You can request an extension by completing Form 5558 Request for Extension of Time before the original due date. The form 5558 is very simple.

The IRS may deny a request in very rare instances. The IRS usually does not respond, which means that the extension is granted automatically. When you file Form 5500, make sure to tick the appropriate box in Part 1 D to indicate that the due dates were extended by filing Form 5558.

Part II of Form 5500 requires basic information about your plan. Where can we find it?

Even though Form 5500 can be filed several months later than the end of the plan-year, the employer still has the right to designate the plan's name and number when it was established.

ERISA mandates that plan sponsors (employers) must put forth the plan in writing, and give a summary plan description to plan participants. These materials must include the ERISA plan name and number as well as the plan year.