Announcements

May 31, 2024

Form 5500 reminder for profit-sharing and money purchase pension plan

If you’re a plan sponsor of a profit-sharing plan or a money purchase pension plan using the Capital Bank and Trust Company (CB&T) prototype plan document, you or your designated plan administrator may be required to file an annual return of the Form 5500 series. CB&T serves as your plan’s trustee and is not your plan administrator.

The applicable 5500 form must be filed by the last day of the seventh calendar month after the end of the plan year. Failure to do so may result in an  Internal Revenue Service (IRS) penalty. A one-time extension of up to 2½ months may be obtained by filing Form 5558 on or before the normal deadline (not including extensions).

Use this table to help you determine how and which form in the 5500 series to file:

 

Form 5500, Annual Return/Report of Employee Benefit Plan

Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan

Form 5500-EZ, Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan

In general, file this form if you’re required to file an annual return and …

… your plan had 100 or more participants at the beginning of the plan year.

If you have multiple plans (e.g., a money purchase pension plan and a profit-sharing plan), a separate form must be filed for each.

… your plan had fewer than 100 participants at the beginning of the plan year.

… you have one or more single-participant plans and the combined assets exceed $250,000 at the end of the plan year.

Filing requirements

Electronic filing required using EFAST2's web-based filing system or an EFAST2-approved vendor.

Electronic filing required using EFAST2's web-based filing system or an EFAST2-approved vendor.

You can either file on paper with the IRS or electronically through the FAST2 filing system.

The above table includes general guidelines. Additional requirements may apply. For more information, please contact your tax advisor or local IRS office. You can also visit irs.gov and dol.gov.

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