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IRS Form 5500

Administrators or sponsors of employee benefit plans are subject to compliance regulations of the IRS, Department of Labor/ ERISA, Pension Benefit Guarantee Corporation, and Social Security Administration. Failure to properly report the required information about plan qualifications, financial condition, and operations can result in administrative and/or criminal penalties. Information is filed on IRS Form 5500, along with any necessary actuarial reports, independent audits, or other required information. The IRS Form 5500 filing deadline is the last day of the seventh month following the end of the plan year. A request for a 2½-month extension for filing IRS Form 5500 is made by filing Form 5558. Note: Extension requests for all IRS Form 5500 returns will be automatically approved if Form 5558 is filed on or before the normal due date of the IRS Form 5500 return. [Announcement 99-37]

Plans Required to File IRS Form 5500

• Most qualified retirement plans with more than one participant.
• Nonqualified plans covering "top hat" employees. May satisfy the

Important: For purposes of this rule, any person eligible to participate is counted, whether they actually participate or not.

Plans Exempt from Filing IRS Form 5500

• Most Simplified Employee Pensions (SEPs).
• One-participant plans with $100,000 or less in assets.
• Unfunded welfare benefit plan with less than 100 participants.
• Welfare benefit plan that participates in a group insurance arrangement that files IRS Form 5500 on its behalf.

IRS Form 5500-EZ

A simplified IRS Form 5500 may be used by a business owner who has a one-participant pension plan that covers the owner or the owner and spouse. Those eligible to file IRS Form 5500-EZ avoid the burdensome filing requirements of the other IRS Form 5500's.

Requirements:

1) Business must be wholly owned by the plan participant(s).
2) Plan must meet the minimum coverage requirements of qualified benefit plans without being combined with other pension plans. See IRC §410(b).
3) Plan does not cover a business that is a member of an affiliated group, group of controlled corporations, or a business that leases employees.
4) Plan has more than $100,000 in assets. If the business owner has two or more one-participant plans, a separate IRS Form 5500-EZ must be filed for each plan if the total value of assets of all plans is greater than $100,000.

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