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Form 5500 for Murrieta California: What You Should Know
About the IRS Publication 590, Employer's Annual Return, provides a detailed summary of annual tax information submitted to the IRS by most employers. About the IRS Publication 590-A, Income Tax Return for Individuals, provides a detailed summary of tax information submitted by IRS employees to the IRS. The IRS publishes the form in book-form form, Form 4852B. (See the “What to Look For” section above. This information may be found in book 1, Volume 2: General Tax Guide; and/or other IRS publications.) The information provided below is based on guidance provided by the IRS to plan sponsors in 2011. If you have any questions about IRS Publication 590, Employer's Annual Return, please contact the National Office, and ask any questions you have about filing a Form 5500. 1. What is the Form 5500? The Form 5500 is a required form filed by individuals who are eligible for the Traditional IRA Retirement plan available only to employees of large employers located in California if they have an employer with a minimum of 150 million in gross business revenue or an “E” classification designation (EIN #). If the taxpayer qualifies, the employer must report under Form 5500. 2. What does the Form 5500 cover? Employees (and spouses) of large employers located in California that participate in the Traditional IRA Retirement Plan are required to file a Form 5500, and report any business income, losses, or credits in excess of 3,000 (if any). Reporting may also be required to report certain non-business income, including investments, if required by the IRS. In addition, under IRS guidance, reporting is required for the non-qualified deferred compensation plans (including 401(k) plans) of all large employer employers that participate in the Traditional IRA Retirement Plan in California on December 31 of each year (i.e., the Form 5500 is required for these plans). There are also many tax-reporting requirements if you make changes to the non-qualified deferred compensation plans of your employer. You would be wise to review the requirements with a tax advisor prior to filing the Form 5500. 3.
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