BC2 Specialize in Form 5500 Preparation and ERISA Benefits Compliance Needs.
- Complimentary review of your current Form 5500 filing(s).
- Current or delinquent Form 5500 preparation services.
- Form 5500 electronic filing using the EFAST Filing Acceptance System.
- Form 5550 filing extensions. (Form 5558)
- Pin Relief, eliminating the need for a company signatory.
- Exclusive penalty payment service.
- Assistance with all IRS and DOL compliance related inquiries and audits.
- ERISA Form 5500 outsourcing solutions.
Look, If you have recently been giving thought to your Form 5500 preparation needs, you may be feeling a little stressed about the whole task. In fact, since you can face significant penalties for an incorrect Form 5500 submission, you have every right to be concerned.
That is why BC2 has worked hard to gain the trust of being a great Form 5500 preparation and ERISA Benefits Compliance Consulting Company for your business.Listed are questions about Form 5500 preparation and what we do. We can help you too!
Form 5500 Preparation? Why does my business need it?
In simple terms, this is the Annual Return of Employee Benefit Plan. The Form 5500 form is used to show the information for the appropriate year related to employee benefit plans and is filed with the Department of Labor, often known as the DOL.
The Form 5500 Frequency?
When a plan is subject to ERISA the form will have to be filed annually.
When Should The Form 5500 Be Filed?
This may sound a little confusing initially, but we’ll give you an example below to help. You must file your Form 5500 no later than the final calendar month day after the seventh calendar month which follows the end of the plan year.
For example, if the plan is a calendar year plan, you would have to file the Form 5500 by July 31 at the latest.
What Happens if You Can’t Meet The Form 5500 Filing Deadline?
In cases where there is an issue in meeting the above-outlined deadline, it is possible to apply for an automatic extension of two and a half months. If you wish to avail of this, you must complete and file the Form 5558 before the initial deadline date. It’s also important that you attach this to your Form 5500 when you come to submit it.
How Should The Form 5500 Be Prepared and Filed?
It is filed electronically, the system used for the electronic filing is EFAST2.
What Makes Up The Form 5500?
While the main form is part of the Form 5500, there are also a variety of attachments, as well as schedules.
In the main form, you will find two pages which require specific information related to the plan, these details include such matters as the name, the effective date, a breakdown of the participants in the plan, how the plan is funded, and so forth.
You will likely need to file certain schedules with your Form 5500. What you need to attach will depend on your plan type. Usually, you can specify pension benefits or welfare benefits and will the be able to choose between a large plan or a small plan and so forth.
Who Has To File A Form 5500?
When a plan is subject to ERISA, the plan’s sponsor needs to file the Form 5500. While plans which are subject to ERISA can vary, some of them include the following:
– A variety of annuity arrangements
– Retirement arrangements for individuals which have been set up by the employer
– Church pension plans which are covered by ERISA
– A variety of welfare benefits.
What Happens If You Are Unsure How To Complete Your Form 5500?
Unfortunately, if you attempt to complete your Form 5500 and submit it, but it fails to comply with IRS regulations it can result in you having to face penalties. This can be at a significant cost.
What Happens If I Don’t File My Form 5500?
If you are under obligation to file a Form 5500, for example, if 100 or more of your employees are participants in a health and welfare benefit plan, and you do not submit a Form 5500 you or your company may face criminal penalties. This can be classified as deliberate failure to report. The fines for such an act can be as much as $1,100 each day for each employee that you have not provided information for. Indeed, that is a high price to pay.
We hope that the information we have highlighted above has been useful in understanding the ins and outs of completing and filing a Form 5500. However, the answers to the question above also highlight a very important fact; filing a Form 5500 when under obligation to do so is vital, but you must do so correctly.
In addition, we have seen that the correct filing of the Form 5500 embraces many elements and requires skill and competency. We certainly understand that not everyone feels confident in undertaking such a task.
What Can You Expect From A Top Form 5500 Preparation Company?
If you are feeling rather overwhelmed at the prospect of having to complete a Form 5500 it is completely understandable. What you really need is a company who can care for all the preparation work for you. However, you don’t want ‘just any’ company, rather you are looking for a top choice that can completely take the stress out of the task. Such a company will easily tick the following boxes, so to speak:
An excellent Form 5500 preparation company knows the process and can do the work. Such knowledge is vital if they are to care for the compliance preparation needs of your Form 5500 filing.
Along with an abundance of knowledge, a great Form 5500 preparation company will come with bags of experience. They will already have helped countless bodies prepare their Form 5500 and have plenty of evidence of their success.
Certainly, we know that paperwork can be a drag and when it comes to completing and filing the Form 5500, not only can it be an unappealing task, it also comes with a weighty responsibility. Remember, failure to submit your form, or doing so with errors, can be very costly on your part.
If you want to take the stress and worry out of your next Form 5500 preparation and filing task, we are at your service to lend an experienced and knowledgeable helping hand.