How do I file form 5500?

File online using EFAST2’s web-based filing system or • File through an EFAST2-approved vendor. Detailed information on electronic filing is available on the EFAST2 website at www.efast.dol.gov. If you have questions and need help in completing this form, please call the IRS Help Desk at 877-829-5500.

Who is required to file a form 5500-EZ?

The Internal Revenue Service (“IRS”) Form 5500-EZ is an annual information return that is required to be filed by every “One-Participant Plan” (owners and their spouses), also known as a Solo 401(k) Plan, with plan asset value in excess of $250,000 as of December 31 of the previous tax year.

Do all 401k plans have to file a 5500?

In general, all retirement plans, such as profit-sharing and 401(k) plans, must file a Form 5500 for every year the plan holds assets.

Is 5500 a cash or accrual basis?

The cash basis of accounting generally reflects only those transactions that actually occurred during the plan year. However, when the Form 5500 and attachments are prepared, they are prepared using a modified “accrual basis” of accounting.

What is the difference between 5500-EZ and 5500-SF?

Filing Requirements There are 3 types of Form 5500: Form 5500-EZ—for one-participant plans only; Form 5500-SF for plans with fewer than 100 participants; and Form 5500—for plans with 100 or more participants.

Can you file 5500-EZ electronically?

Beginning January 1, 2021, a one-participant plan or a foreign plan required to file an annual return can file Form 5500-EZ electronically using the Department of Labor’s EFAST2 filing system, or file Form 5500-EZ on paper with the IRS.

Who usually prepares form 5500?

Who Needs to File a Form 5500? The administrator of an EBP is ultimately responsible for filing the relevant Form 5500. Often, a company’s finance, HR or operations department, or any combination of these departments, will prepare the Form 5500. Alternatively, a third-party administrator may be used to file Form 5500.