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Form 5500 Deadline Approaching for Calendar Year 401(k) Plans

Published by Kim Moore on Sep 3, 2019 6:00:00 AM

For those plans filing on a calendar year basis, the original deadline for filing the required Form 5500 is July 31st.  As we are well past this date, hopefully, your service provider obtained an extension for you that allows you to file before October 15th (the extension deadline) without any Form 5500 guidelinespenalty. You can review a set of common errors noted related to completing and filing this form by clicking on this IRS website link.

Additional information related to the Form 5500, the various schedules that need included, and the types of filings, such as a 5500 Short Form or 5500 EZ Form, are discussed on the website as well.  To view additional information click on the following link for the IRS website. 

If your 401(k) Plan requires an audit, the time to get the audit started and work through the required audit procedures is rapidly running out.  We recommend you engage a public accounting firm to conduct your audit as quickly as possible to ensure you can complete all the work including the filing of the Form 5500 with the audit report before the deadline. 

It is very important to ensure you file the Form 5500 in a timely manner as daily fines and penalties can accrue if the deadline is missed.  If you have questions regarding the Form 5500 or if your Plan needs a 401(k) audit by an independent public accountant give Summit CPA a call.

As the plan sponsor, when it’s time to audit your plan, it’s vital that you hire an experienced auditor to ensure your plan is in compliance. At Summit CPA we specialize in retirement plan audits. We have the ability to offer assistance entirely off-site with little or no distraction to your daily office routine.  We also offer flat-fee pricing so there are no surprises on your bill when the job is complete. For assistance contact our office at (866) 497-9761 to schedule an appointment.

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