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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?
Now you CAN! Meet 5500Tax Group
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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.

Recent Articles

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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W Wang-L&W Infoserve Co.

In June 2022, we received IRS notices with huge penalties (~$200K) as they didn’t receive F5500 – Annual Report of Employee Benefit Plan for 2019 and 2020 for our S Corporation.  We immediately started working with Amy Boyd from 5500 Tax Group.  Amy answered our questions with great patience, provided clear guidance and took appropriate actions on communicating with IRS.  With a lot of time and effort, she helped us resolve this issue that gave us so much stress.  We are grateful for her assistance and highly recommend her services.  She is professional, efficient, and friendly.

A Cox-Wabtec

Wabtec has worked with Ann Myers of the 5500Tax Group, Inc. for the past 15 years.  She manages all of the details for our 5500 preparation.  She prepares the 5500s for our Pension Plan, Savings Plan, and various Health and Welfare plans.  She also completes the PCORI filings and Summary Annual Reports.  All is done efficiently, effectively, and reasonably priced.  Ann coordinates with our auditors, record keepers, and our ERISA attorneys to gather all required information and get any answers required.  Definitely recommend!

E Powell-Seubert & Associates, Inc.

Ann at 5500 Tax Group has been a great partner for the past twelve plus years.  We find the process in working with 5500 Tax Group for client Form 5500 filing requirements has been simple, efficient, and timely. Ann has been particularly helpful in guiding mutual clients through the Department of Labor Delinquent Filer Voluntary Compliance Program (DFVCP) with an easily understood step-by-step explanation for all parties involved. We look forward to working with Ann for many years to come.

Briones, Briones International

Amy, Thank you for years of extremely knowledge and professional guidance regarding retirement plans including the filing of form 5500.  You have made the myriad of IRS regulations and alphabet soup understandable for a civilian. I am truly grateful for your patience and never hesitating to answer dumb questions.  Any client seeking your guidance and advice will be beyond pleased with your services.

M Fair-USI Insurance Services

Our team has worked with Ann Myers and the 5500 Tax Group for many years. Ann makes the whole 5500 process as painless as possible and personally engages with each client. We have continued to use Ann for the “personal” touch and level of details that Ann brings to her work. Our team has 100% confidence in Ann executing on filings, details and deadline. Ann brings a positive attitude, years of experience and her expertise to every engagement. Our client and team enjoy working with Ann and USI would absolutely serve as a reference.

S Herrle-Henderson Brothers, Inc.

Ann Myers has been a trusted advisor and our Form 5500 filing partner for well over 15 years.   As leading experts in the Employee Benefits industry with a significant number of local and national clients, we rely heavily on Ann to prepare a large number of health and welfare 5500 forms every year for our clients.   Regardless of whether she is providing guidance for a client that is filing for the first time, suggesting changes on what should be reported in a 5500 form, providing strategy to remedy a noncompliant plan, or walking an employer through the DFVCP filing process, we know our clients are receiving the best advice from one of the most knowledgeable experts in the industry.