by Rachel Johnson

5500 Time


July 31st is the time that 5500’s are due to be submitted if you have calendar year plans. A few facts on 5500’s:

  • The 5500 is the annual return for the Employee Benefit Plan.
  • This generally applies to your life and health and some other employee benefits.
  • You generally only file if you have more than 100 participants at the beginning of the plan year.
  • The 5500 must be filed electronically.
  • Penalties can be assessed if you do not file your 5500 on time.
  • If you have not filed in the past but should have, there are some delinquent filing procedures that should be reviewed.
  • There are lots of other exemptions and rules on this, so it is best to have this reviewed by your accountant and/or legal counsel.

All of the above information is taken from the U.S. Department of Labor website.

 

Please note: We are not acting as your attorney in providing this advice. The information and materials contained herein are provided for general information purposes only. It is not intended to constitute legal advice, other advice, or opinions on any specific matters. They are not intended to replace the advice of a qualified attorney, plan provider, or other professional advisor who represents you. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used as or considered a ‘covered opinion’ or other written tax advice, and should not be relied upon for any purpose other than its intended purpose.

National healthcare open enrollment starts November 1st and ends on December 15th. To make an appointment with one of our trusted advisors please contact us at 906.228.7500.

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