Many companies required to file Form 5500 for their Employee Benefit Plans have deadlines of July 31st, which is quickly approaching.
But if you haven’t yet filed your required forms, don’t worry – it’s easy to get an extension.
All that’s required is filling out a one-page form for each Form 5500 for which an extension is desired and the extension is automatically granted. These forms –called Form 5558 – must be filed on or before your Form 5500 due date. If you have a calendar year plan, your due date is July 31st, so get these forms in ASAP. This form will grant you an extension until October 15th. You can get a copy of it here.
For plans that have fiscal year ends, extensions must be filed by the last day of the seventh month after the plan year end.
Unlike Form 5500, which is filed electronically, Form 5558 must be filed in paper form with the IRS. You also must keep a copy of your completed Form 5558 for your records. Please contact us if you need any help filing Form 5558 or Form 5500 for your Employee Benefit Plans.
If your plan has over 100 (or in some instances 120) eligible participants, you may also need to attach audited financial statements to your 5500 filing. We’ve been performing employee benefit plan financial statement audits for more than two decades and audit 30 plans each year. We’re also longstanding members of the AICPA Employee Benefit Plan Audit Quality Center.
Read more here about why the U.S. Department of Labor strongly recommends hiring experienced accountants to perform Employee Benefit Plan Audits. We can be reached at firstname.lastname@example.org or 888-433-1515 for assistance or with any questions.