BENEFITS COMPLIANCE CONSULTANTS, INC.Form 5500 401k is due by the end of July, 2017! Do you help preparing or filing?
The IRS Form 5500 for the defined-benefit plans are always due seven months once the plan year has ended. For the Calendar Year Plan years, the date is 31 July which follows the plan-year. There are 2 extensions types that can apply that allow an IRS Form 5500 to be filed at a later date this includes:
• When a plan sponsor has requested for an extension in regards to their corporate taxes, that will move the IRS Form 5500 due date from the 31 July to the 15 September
• When the plan sponsor has filed a Form 5558 that extends the actual filing date that will move the deadline for filing to the 15 October. The Form 5558 will have to be filed before the 31 July in order to qualify for this extension
The plan administrators are able to request extensions in regards to your due date for filing by:
• By filing the Form 5558 for an Application for Extension of Time in order to File Certain Employee Plan Returns. This needs to be sent to the Internal Revenue Service before or on the standard due date for filing. You will need to retain a copy of this extension with your permanent records of the plan. You are able to download this form directly from the Internal Revenue Service website.
How To File Your Form 5500
You will need to file a completed Form 5500 along with any related schedules to the Department of labor which will be specified in the Form 5500 instructions found under “Electronic Filing Requirement.” You can choose to use either an EFAST2-approved Vendor’s Filing System or the EFAST2’s Web-Based Filing System. For detailed information associated with electronic filing you can visit www.efast.dol.gov.
BC2 offers preparation services of the Form 5500 along with any related SAR and filing options. If you happen to be interested in these services it is advisable to make contact with us today! You can call from Monday to Friday on (515)244-2424 in order to speak to one of our consultants.
Rolling Dates
Most of the dates associated with the due date on the retirement plans will depend on the Plan Year. Most of the plans are typically administered on the calendar year. However, a large portion is actually administered according to the fiscal year. In many cases when the company that sponsors these plans runs on the fiscal year, the plan will typically run on this same fiscal-year. Here is a list of rolling-due dates:
• Compliance Corrections- 2 and ½ months after the plan year has ended
• Contributions For Deduction Purposes- 2 and ½ months for the corporations and 3 and ½ month for the others
• Mandatory Contributions- 8 and ½ months once the plan year has ended
Do you need help with IRS Form 5500 preparation and filing. Call us today at (515)244-2424