Form 5500: What You Need To Know

Form 5500: What You Need To Know

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:

Late Filings?

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