Effective 5500 Form Filing Instructions– A recent UBA blog post targeted several questions from their 36,000 employees advised by their independent partner firms. Below is a list of these questions that you might have yourself.

If a health and welfare benefit plan has fewer than 100 participants, then does it need to file a Form 5500?

If a plan is unfunded/self-funded or fully insured, with FEWER than 100 employees, a Form 5500 does NOT need to be filed. However, if the plan is funded, regardless of size, or has 100+ employees, they must file.

When is the filing for Form 5500 Filing?

According to the IRS website, filing should be done the last day of the seventh month of the plan year, so July 31st for calendar-year plans.

What happens if you miss the deadline?

Just like all late filed tax forms, Form 5500s filed past the due date are subject to monetary penalty by the IRS and DOL. The IRS penalty is “$25 per day, up to a maximum of $15,000.” The DOL penalty “runs up to $1,100 per day, with no maximum.”

What if I know I’m going to miss the deadline?

If for whatever reason you are unable to file in a timely manner, you must file Form 5558 ON OR BEFORE the regular due date (July 31st.) Form 5558 extends the due date 2-1/2 months. You must do this to avoid being penalized.

How do I make sure I file correctly and on time?

HR Service Inc is now offering a Form 5500 filing system, that will take care of the Health and Welfare return, as well as schedules A and C. Contact HR Service for pricing and service details at: (855) 447-3375 x 1


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