Form 5500 Schedule C Filing Requirements
What is Form 5500 Form?
Form 5500 is the form used to file the Annual Report of Employee Benefit Plan information with the DOL (Department of Labor). If the Employee Benefit Plan is subject to ERISA (the Employee Benefit Income Security Act of 1974), form 5500 must be filed annually. ERISA requires that companies file information on their qualified welfare and pension plans with the IRS every year.
Who Needs to File Form 5500?
The sponsor of the Employee Benefit Plan or arrangement that is subject to ERISA must file Form 5500. Plans that are subject to ERISA include, but are not limited to:
– Profit sharing plans
– 401(k) plans
– Stock bonus plans
– Money purchase plans
– Certain annuity arrangements
– Church pension plans elected to be covered by ERISA
– Individual retirement plans established by employers
– Certain welfare benefit plans providing medical and dental benefits, severance pay, and life insurance.
How to File Form 5500
The 5500 form is due on the last day of the month following the 7th calendar month from the end of the plan year. This means July 31 for the calendar year plans, assuming it is a business day. The due date can be extended by 2 – 2 ½ months by submitting Form 5558 on or before the original due date of Form 5500. A Corporate Tax Extension Form 7004 can also be used to extend the filing of Form 5500 by 1 – 1 ½ months if the corporate fiscal year and the plan year are the same.
The form must reflect the characteristics of the plan and its operations and consists of the main form together with required schedules and attachments. Specific schedules required will depend on the type of filer and is generally broken down into 2 categories: Pension benefits; and Welfare Benefits – further subdivided into large or small plans.
What is Form 5500 Schedule C?
For large plans Form 5500 Schedule C must be filed which outlines service providers utilized by the plan to whom more than $5,000 were paid in fees; or an enrolled actuary or accountant whose services were terminated in the plan year. In general, large plans with participants of 100 or more have more complex reporting requirements than One-participant plans. Usually, these plans are required to include audited financial statements and to file Schedule C. Schedule C Form 5500 requires expanded reporting on fees for services rendered by providers that became effective from the beginning of January 1, 2009.
Form 5500 Schedule C Consulting
If you need help preparing your Form 5500, our company has been assisting plan sponsors and employee benefits brokers in eliminating the worry and burden associated with the Form 5500 filing process. Our dedicated customer service and proven processes have made us one of the most trusted ERISA Health and Welfare reporting companies in the business. The Plan Sponsor is ultimately responsible for the complete and accurate filings of Form 5500, and our expert consultants can assist your business in ensuring that your filings are prepared in accordance with ERISA reporting standards without the worry of comebacks from the Department of Labor.
We provide many Plan Sponsor needs including the following:
– Managing timing and deadlines
– Gathering Schedule C data from administrators and insurance companies
– Help ensure compliance
– Manage ERISA requirements and changes over time
– Provide e-filing instructions and guidelines
– Discuss and review preparation and completion of schedule C
– Prepare signature-ready Form 5500 Schedule C for E-Filing
– Prepare Form 5558 Extension of Time to File if necessary
– Prepare Summary Annual Reports
– Keep up to date with changes in the Federal Rules and Regulations that impact Form 5500 submissions.
– Present recent updates from the IRS and DOL
– Help avoid penalties
Give us a call today at (515)-244-2424 to discuss the best solutions to your Form 5500 Schedule C filing issues. Our expert team of consultants will provide you with complete peace of mind that your Form 5500 filings are compliant and up to date.