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5500Tax Group Employee Benefit Plan
Tax Compliance & Filing

In a world of complex tax compliance, what if you could have complete confidence that your Employee Benefit Plan Filings were taken care of accurately, affordably and efficiently?
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In the United States, companies offering Employee Benefit Plans, such as retirement plans,  health insurance, and other welfare benefits must comply with certain tax regulations and filing obligations.  These rules are primarily overseen by the Internal Revenue Service (IRS) and the Department of Labor (DOL) and include elements of the Employee Retirement Income Security Act (ERISA) and the Affordable Care Act (ACA).

Tax compliance and filing for Employee Benefit Plans can be complex and require a comprehensive understanding of IRS and DOL rules.  It’s often beneficial for companies to seek guidance from legal or tax professionals to ensure full compliance.

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Key aspects of tax compliance and filing for Employee Benefit Plans include:
  • Form 5500, Annual Return Report of Employee Benefit Plans, including all required schedules and attachments, is used to report information concerning employee benefit plans.  The return/report must be filed annually for every retirement and welfare benefit plan with certain exceptions.
  • All welfare benefit plans covered by ERISA are required to file a Form 5500 with certain exceptions.  Welfare benefit plans provide benefits such as medical, dental, life, disability, etc.
  • Retirement plans are required to file a Form 5500 to provide details about the plan’s financial condition, investments, and operations.  Small plans (those with fewer than 100 participants) may be eligible to file Form 5500-SF, a simplified version of the report.
  • Other filings related to employee benefit plans such as Form 720 for PCORI fees, Form 8955-SSA for deferred vested benefits, Form 990-T for unrelated business income, and Form M-1 for Multiple Employer Welfare Arrangements (MEWA).
  • Compliance Testing to ensure that plan adheres to the non-discrimination, coverage and contribution limits set by the IRS.
  • Plan Documentation and Summary Plan Description (SPD) which is a written plan document that outlines the details of the plan and how it operates with regular updates to reflect any changes in the law or in the operation of the plan.  Additionally, employees must be provided with a Summary Plan Description (SPD) that explains their rights and responsibilities under the plan in clear, easy-to-understand language.

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June 12, 2023 in Form 5500

5500Tax Group Quick Reference Guide to Welfare Plans

When is the Form 5500 required? When a plan has 100 or more employee participants at the beginning of a plan year, unless it meets an exception When a plan…
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May 3, 2023 in Form 5500

Summary Annual Reports

A summary annual report is a condensed version of the Form 5500 report, which plan administrators must file with the Department of Labor for each ERISA-covered plan. Most ERISA-covered pension…
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March 21, 2023 in Form 5500

Welfare Plan Form 5500 Filing Issues

What are you missing? Many companies are unaware of the filing requirements (Form 5500) for their health and welfare plans or don’t know how to put together their filing properly.…
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February 21, 2023 in Department of Labor, DOL, Tax Laws

Common Mistakes Found on Form 5500 Filing

Are you at Risk? Every year the Department of Labor (DOL) sends out thousands of edit check letters (notices) and rejects hundreds of Form 5500 returns due to common mistakes…
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