Five Tips for Filing Form 5500

In addition, the agency’s office of Employee Plans listed tips to make filing Form 5500s and related returns, including extensions to file the Form 5500s, more efficient.

Tip 1: If your plan year is anything other than the calendar year, make sure you enter it on the Form 5500, when the plan year is not listed on the return it is deemed to be a calendar year end.

Tip 2: Make sure the plan name listed on the Form 5500 and the Form 5558 are consistent and that which was originally established with the IRS. DO NOT use:

a. Abbreviations – unless originally established with one;

b. Common variations – be consistent; or

c. The same name for a new plan – if a plan changed, establish new name.

Tip 3: Make sure the employer identification number (EIN) on the Form 5500 is the same as that listed on the Form 5558, and they are the same as issued by the IRS. The EIN on the Form 5500 should be that of the plan sponsor, not that of the plan trust or Social Security Number.

Tip 4: Make sure to always enter the three-digit plan number established for the plan.

Tip 5: Be sure Part II, line 1 of the Form 5558 is only checked if this is the very first filing of the Form 5500 for the plan.

The video is available here.