Form 5500 Preparation

Whether or not you are a full-service client of ours, we can help you stay in compliance by providing you a web-based e-signature-ready Form 5500.

Services Include:

• Web-based e-signature-ready Form 5500 and Required Schedules for:
  • Unfunded Health & Welfare Plans (required if over 100 participants)

• Summary Annual Report Preparation

• • All employers sponsoring a health & welfare plan with over 100 participants must provide their employees with a Summary Annual Report within 9 months after the end of a plan year.

• Form 5558 Application For Extension of Time: If you are unable to file your Form 5500 on time, we can complete the Form 5558, signature-ready, which will give you an added 2½ months to file Form 5500 without penalty.

• Advice and Action Plans for Late or Incomplete Form 5500 Filings
  • If the IRS or DOL determines your Form 5500 is late or incomplete, they can do anything from returning your filing for corrections to fining your Company several thousands of dollars, depending on the severity of the problem.
  • We have experience in working with the IRS and DOL.
  • Our contacts in those departments have been very helpful in abating all penalties we have worked on for our clients.
  • If you find you have not filed for a specific year, or if you have not filed at all, you may abate most penalties by filing under a Voluntary Late Filer program. We have experience with these filings and will help you get in compliance (late filers who do not use this plan may be subject to full penalties ranging up to $30,000 per late filing).

Form 5500 may only be filed electronically.  KBI will create your 5500′s, post them online, e-signature-ready, so that you can file online as required by law.  You can download the form and its attachments at anytime.

Form 5500 preparation is free to our full-service clients. This service is provided for a fee for all others. Please contact KBI for more information at alane@kbibenefits.com.