5500 X 2

[Sara Legath]

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The Form 5500 Series is an important compliance, research, and disclosure tool for the Department of Labor, a disclosure document for plan participants and beneficiaries, and a source of information and data for use by other Federal agencies, Congress, and the private sector in assessing employee benefit, tax, and economic trends and policies. The Form 5500 Series is part of ERISA's overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient information to protect the rights and benefits of participants and beneficiaries under employee benefit plans.

All Form 5500 Annual Returns/Reports of Employee Benefit Plan and all Form 5500-SF Short Form Annual Returns/Reports of Small Employee Benefit Plan and any required schedules and attachments must be completed and filed electronically using EFAST2-approved third-party software or using IFILE. For more information on completing and filing forms electronically through EFAST2, see the EFAST2 FAQs and publications.

You cannot submit a Schedule SSA (Annual Registration Statement for Deferred Vested Participants) to EFAST2, even for delinquent or amended filings for plan years prior to 2009. Form 8955-SSA, Annual Registration Statements for Deferred Vested Participants must instead be filed directly with the Internal Revenue Service. For information on how to submit an annual registration statement for deferred vested participants, see IRS Retirement Plans Community - Form 5500 Corner.

The IRS, Department of Labor, and Pension Benefit Guaranty Corporation developed the Form 5500-series returns for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code.

Due to IRS administrative issues involving the EFAST2 system, the IRS is postponing electronic filing of Form 5558 through EFAST2 until Jan. 1, 2025. Plan sponsors and administrators should continue to use a paper Form 5558 to request a one-time extension of time to file a Form 5500 series or Form 8955-SSA (up to 2 months after the normal due date for Form 5500s or Form 8955-SSA).

Form 5558 is no longer used to apply for an extension of time to file Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. You can, instead, use Form 8868, Application for Extension of Time To File an Exempt Organization Return or Excise Taxes Related to Employee Benefit Plans, to apply for an extension of time to -file Form 5330.

* A "one-participant plan," for purposes of the Form 5500-EZ, means a retirement plan not subject to the annual ERISA Title I reporting requirements that only covers the owner who owns the entire business (whether or not incorporated) and owner's spouse, or one or more partners, and their spouses in a business partnership (treating 2% shareholder of an S corporation, as defined in IRC Section 1372(b), as a partner).

A one-participant plan or a foreign plan must file Form 5500-EZ electronically through the EFAST2 filing system, if the plan sponsor is subject to IRS e-filing requirements (see Mandatory electronic filing) pursuant to Treas. Reg. 301.6058-2.

Additionally, if the plan is a defined benefit plan, the employer will be required to attach a 2020 Schedule SB to the 2021 Form 5500 or Form 5500-SF, in addition to a 2021 Schedule SB. The instructions for the 2021 Form 5500 will further explain the filing requirements for plans adopted retroactively.

Form 5558 extension: Plan sponsors that submitted a Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, for a retroactively adopted plan will not establish a 2020 Form 5500 filing requirement.

Additionally, filing the Form 5558 does not result in an IRS delinquency notice if no 2020 Form 5500 was filed for the plan specified in the Form 5558. Delinquency notices are based on when the Form 5500 is filed, not the filing of the Form 5558.

Section 403 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), Division O of the Further Consolidated Appropriations Act, 2020 (P.L. 116-94), increases penalties for failure to file certain retirement plan returns effective for returns, statements, and notifications required to be filed after December 31, 2019.

A client is telling me that the form 5500EZ does not need to be filed this year because their assets have dipped below $250,000 (as of 12/31/2021). Makes me nervous to not file. Do people skip a year if the plan's assets don't exceed $250,000? Or is it recommended/you recommend to the client to keep filing? OR by chance, is an EZ plan required to keep filing once a form was filed (even if assets are less than $250,000 now)?

However, you are inviting a contact from the IRS by not filing. They won't be able to assess any penalties, since the filing was not required. But it's easy to file, so why not go ahead and do it anyway?

Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance.

Here is my question - since only 2019 was required, would we only file 2019 under the DFVCP and pay the $500 and leave well enough alone? I'm hesitant to file 2018 and 2020. I don't want to send up a flag for a return that, A) wasn't required, and B) wasn't filed. Maybe, will the IRS accept the unnecessary returns if filed late and not under the DFVCP and say "ok, thanks, you didn't need to file but you did", or do you think if I am filing late regardless of had to or not, I still need to file with a $500 IRS user fee? File all 3 late with $1500 fee under the DFVCP program?

DFVCP is not available to EZ filers (it is a DOL program, and DOL rules do not apply to EZ filers). The IRS has a similar program, you can read about it here: -plans/penalty-relief-program-for-form-5500-ez-late-filers

However, if you went ahead and filed under the program anyway for all years, I think it's likely that they will just cash your check, stick your returns in a box somewhere, and never think about it again.

This plan received a notice with an attachment : Attachment 1562-D, "Compliance Check Information Request". They are asking why since the last form 5500 filed have they not received another form 5500. Under What you need to do on the form they go on to say,

"If you filed all required Forms 5500-EZ for the plan years after December 31, 2017, provide copies of those returns. We'll correct our records if these returns bear an original signature and you certify that they're true copies of the returns you previously sent to us."

I have an issue for a client whose plan assets and under $250,000. Normally the Form 5500EZ is not required to be filed if the ending year plan assets is less than $250000. In 2020 our client met this criteria but we filed the EZ Form nevertheless. Thru a miscommunication the return was filed late for that year. Some months later in 2022 the client received a late filing assessment from IRS. We responded that the filing was exempted due to the $250,000 exemption. We had letter back and forth but the IRS is asking for the late filing penalty. My question is this: How can a late filing penalty apply to a year in which the return was not required? Can anyone help us?

The Acudor UF-5500 is a universal flush, metal access door for walls and ceilings. The UF-5500 has a drawn flanged door panel with rounded corners, which provide both an architecturally pleasing appearance, as well as added safety.

My display driver "Intel HD Graphics 5500" has basically stopped working. My computer is a Lenovo T450s. When it is enabled, it makes the screen go crazy (hard to describe), and it is usable but just barely. I can disable the driver and the issue stops. So far, the only problem I've noticed with the driver disabled is that I cannot adjust the brightness, but there are probably more issues that I don't know about yet.

My computer is completely up to date, with both Windows and Lenovo updates. I have deleted and reinstalled the driver multiple times (including old versions) but every time the same issue reappears. I have no idea what to do next. Any help would be greatly appreciated, and I can give more information about my system/drivers if needed.

Thanks for the response! Unfortunately, I tried installing from the zip file and the same issue occurred. I have also tired rolling back the driver and using a previous version, and I have even wiped the computer and done a fresh install of Windows. At this point, I believe it is a hardware problem. I have attached a link to a quick video showing what happens when the driver is enabled. Thanks for the help and let me know if you have any ideas.

Unfortunately, it appears my graphics card dying was a warning sign of my motherboard going bad. My motherboard is now dead and the computer will not start. I'm in the process of getting a new laptop. Thank you for your help

Unfortunately my T450S is doing the *exact* same thing shown in his youtube video, and I've gone through the exact steps you've mentioned in trying to fix the problem. It's surprising to me that it's a "general" motherboard issue, since it's particular to the operation of the HD 5500 graphics and nothing else.

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