Employers with 100+ participants on the first day of the benefit plan year are required to file an annual information return, Form 5500, with the IRS for such group plans. The deadline for filing Form 5500 is the last day of the seventh month after the plan year ends . For calendar year plans, the deadline is 7/31; however, Sequoia requests an extension for Form 5500 filings to ensure that there is sufficient time to gather all documents from the carriers. The extension extends the filing deadline for two and a half months; therefore, the deadline for a calendar year plan is 10/15.
Each year, Sequoia works with an outside CPA firm to prepare the draft of the Form 5500 and e-mails the draft to applicable clients for review around 9/15. Instructions will be included in the email regarding what the employer is required to do.
Sequoia clients with 100+ participants on the first day of the plan year who are also on a calendar year plan should be on the lookout for an e-mail around 9/15 from Sequoia containing the draft of Form 5500. Upon receipt of the email, please follow the enclosed instructions and be mindful of the 10/15 filing deadline. If you are not a client but have questions about this form, send us an e-mail to start a conversation!
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