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Video instructions and help with filling out and completing what is the due date for filing form 5500
Hi this is Beth Harrington welcome to our question of the week our question of the week is very timely it's about 5,500 failings so qualified plans don't have taxes but they do have a tax return that's required every year calendar your plans have their tax return due on July thirty-first tax returns or qualified plan is called a form 5500 and there are a few different variations of the 5500 if you're a very small company with just you maybe your spouse or maybe one partner we have an easy filing so 5500 Easy's are due on July thirty-first for calendar your filers if you're a corporate plan or a partnership or any plan that has employees usually you have a 5500 stf for short form you can file the SF as long as you don't have any employer stock or unusual assets in your plan and as long as you have fewer than 100 employees in your plan if you have employer stock unusual assets or more than 100 employees then you're required to file a full form 5500 if you have more than another employees are also required to have a CPA audit form attached to your 5500 and that's a separate filing we can't do the audits for you or not CPAs here at benefit resources so in general 5500 are do seven months after the end of the plan year we can file for an extension if you need more time for another two and a half months so for calendar your plan that means October 15th is the drop dead due date if for whatever reason you find that you missed a due date or you didn't have a filing extension correct then we can request a delinquent filer the delinquent filer program is allowed by both department of labor and the Internal Revenue Service and the expense for filing a delinquent filing is 750 dollars for most plans much cheaper than the late filing penalties of up to a thousand 25 a day so thank you very much for asking about 5,500 deadlines are looming please call our office if you have any questions about how to file your electronic 5500 finally.