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“Mistakes on your plan’s Form 5500 create a nice target for the Internal Revenue Service’s auditors. In its February 2, 2015 edition of Employee Plans News, the Internal Revenue Service explains that entering incorrect information or leaving a blank in a required field increases the likelihood your plan will be selected for a compliance check.”
The IRS provides a list of helpful tips and common mistakes on the Form 5500. Read more at Benefits Bryan Cave.
ERISAPros, LLC is an industry-leading professional services firm located in Atlanta, Georgia specializing in developing ERISA Wrap Welfare Benefit Plans. Our system of preparing Plan Documents, SPD wrappers, and Form 5500s is based on industry best practices.
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© 2023 ERISAPros, LLC, All rights reserved. Information on ERISAPros‘ website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors – not those of ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals. We never share your information with anyone for any reason. We don’t sell insurance or any other products – just documents.
