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5500 filing requirements for health plans Form: What You Should Know

Change in Annual Income and Exposures. The change will be approved if the corporation elects to report the change in its annual income or taxable income, as appropriate, on form 706. .03(5) Change in Annual Expenses. The change will be approved if the corporation elects to report the change in its annual expenses on form 706. .03(6) Change in Gross Receipts and Expenses. The change is approved if the corporation elects to report the change in Gross Receipts and Expenses, as appropriate, on form 706. .03(7) Change in Taxes. The change is approved if the taxpayer is authorized to change the type of account it files and change the basis of assets included in accounts that are not business accounts. A taxpayer seeking an election to change accounting periods under Rev. Pro. 2006-45, can file a Form 706. The filing does not apply to change in basis of property in Section 856 accounts. This form must be filed as part of the corporation's annual return. A corporation filing a Form 706 may adopt Form 853 or Form 859 for change in basis of property in Section 856 accounts. .03(8) Change in Assets. The change is approved if the change satisfies the requirements for filing the original Form 706 with the IRS. .03(9) Change in Interests. A change is approved if the corporation elects to report the change in its annual interest expense on its annual Form 990-EZ. .03(10) Change of Location. A change is approved if the corporation's address changes on Form 3520, Statement to Independent Auditors of a Corporation. .04 Automatic Accounting Change (Automatic Authorization). The corporation's annual return must include a letter from the IRS that states that the corporation will be automatically authorized to change its annual accounting period when there is a change in the taxpayer's status. .05 Change in Business Use. If the change is to apply specifically to a section 856 account (other than a Section 856 account in which the taxpayer does not use the account primarily in a trade or business) .05(b) Change of Business Use (Exception). If the change applies to a section 857 account, the corporation may only change its accounting period under Rev. Pro.

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Video instructions and help with filling out and completing Form 5500 Filing Requirements For Health Plans

Instructions and Help about Form 5500 Filing Requirements For Health Plans

Hi, this is Mitch Nichols with Kong Dynamics, the leading source of Form 5500 data. Today, we're going to talk about the most efficient way to install the files when you receive the CD in the mail. When you get the CD, you'll see a sub-directory named Kong Dynamics. Inside this sub-directory, there are two more sub-directories for the 2010 files and 2011 files. The most efficient way to load these files is to right-click on the sub-directory, click copy, and then paste it into your desired location such as My Documents or your desktop. Once you have copied the files onto your hard drive, go into the sub-directory and open one of the files. The larger files are zipped Microsoft Access files. You will see an option to extract the database. Choose the option to extract the database and select the same sub-directory where you saved the files. Wait for the files to unzip and load. If you are doing this directly from the CD-ROM, it may take about three minutes before you see the extraction window. It is more efficient to load the files onto your software first before proceeding. After the files have been extracted, you may encounter a security notice. There is another video available titled "Digital Certificates and Trusted Locations" that explains how to remove this notification. Once you have completed these steps for all five files, you will see the result in the sub-directory. Please note that the 2011 file was saved in the 2011 sub-directory, while the 2000 file is stored separately. This is how the files will appear once they have been exploded out. If you try to open the files from Access, you will only see one file because the default setting is Microsoft Access. To view all the files, you need...