Tax Officials Post Form 5500 FAQs

Just the information you need to answer your inquiry might be among the 45 FAQs addressing EFAST2, the all-electronic filing system for Form 5500 that is scheduled to be available beginning January 2010. DoL 2007 regulations require that all Form 5500s be filed electronically for plan years beginning on or after January 1, 2009.

Topics covered in the new FAQs include filing preparation software, registering for EFAST2 credentials, signing a return/report, and checking the status of an electronically filed Form 5500.

Some examples include:

• Q/A-3 explains that 2009 short-plan-year filers whose filing due date is before January 1, 2010, will receive an automatic extension to electronically file their Form 5500 within 90 days after the EFAST2 system is available on the DoL’s Web site.
• Submitting Form 5500 and Checking Its Status. Q/A-34 clarifies that although a third-party preparer can submit a Form 5500 that a plan sponsor or plan administrator has signed electronically, the plan sponsor or plan administrator retains legal responsibility for the timeliness, accuracy, and completeness of the submission. Q/A-36 explains that the individual who transmits Form 5500 to EFAST2 (or its signers) should be able to check its filing status about 20 minutes after submission, using the software used to submit the filing. Q/A-37 contains a chart listing seven filing statuses and what they mean.

The material is available here.