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5500 filing requirements for health plans Form: What You Should Know
A tax form (Form 2848 or 2948) is not required for the filing, but an EAST. Form 5500 is a paper-based form and requires several pages of information. Forms 5500 are not accepted online. Form 5500 is not a self-service document. When providing information online, you may use a paper copy of forms 5500, ERICA, or your health plan documents. There are no tax penalties. Form 5500 provides basic information on your company's plan; it is not a substitute for a written plan document. The Form 5500 must be filed with each new or amended individual, group, or governmental plan of your organization, whether it was subject to ERICA, and, if it was subject to ERICA, each change in plan conditions. (See IRM 188.8.131.52.50.) You may use the form to notify the IRS if any information reported on Form 5500 changes. As I was preparing Forms 5500, I was struck, for example, by the importance of being prepared in a timely manner: “Filing early does not get you a break, even if you file earlier than due. You must file the first installment of the Form 5500 by the due date of the return for the preceding taxable year. This date is the filing date (including extensions) for the tax year. “ — ERICA FAQ, and IRM 184.108.40.206 (2) : The annual filing requirement. “Some required items are not provided on Form 5500. The IRS website provides examples of items that are not included. But, some items are. . . . The most common mistake in filing early is neglecting to provide adequate documentation. The IRS will not accept a late-filed form. . . “ — ERICA FAQ, and IRM 220.127.116.11.1 (3) : Tax Return Preparation Services and Filing Assistance, and IRM 18.104.22.168.2 : ERA Certification and Filing Form 5500, and IRM 22.214.171.124.8.5.2(5) : The Form 5500 filing requirement.
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How to complete any Form 5500 online:
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