A qualified retirement plan with at least 2 or more participants is required to file an annual informational return: Form 5500. One participant plans with less than $250,000 in assets and IRA based plans, such as SIMPLE and SEP’s, are not required to file the Form 5500. The Form 5500 is due by the end of 7th month after the plan year end (July 31st for calendar year plans). However, an extension of time, using Form 5558, may be granted up to 2 ½ months after the original due date. For a calendar year plan, the ultimate due date would be October 15th after the close of the plan year.

Starting in 2010, all Form 5500’s are required to be filed electronically using the Department of Labor’s website: www.efast.dol.gov. This change is known as EFAST2 (ERISA Filing Acceptance System II). The original EFAST was instituted in 1999 and signaled the beginning of the Department of Labor’s management of the Form 5500 filing system. Previously, the IRS handled the Form 5500 acceptance system.

There are ways to file your Form 5500 late and avoid paying a large fee, please contact us and we can assist you in this matter.

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