Tax Alert: Form 5500 E-File Requirements Now in Effect
6/22/2010
Effective January 1, 2010, all 2009 Form 5500's must be filed electronically using the ERISA Filing Acceptance System II (EFAST2). Anyone who will be signing a Form 5500 as either a Plan Administrator or Employer must apply for personal signer credentials with the Department of Labor (DOL).
Alternately, the DOL will now allow the tax professional that assists with the filing of your return to electronically sign the return for you. This option will basically require you to sign a written statement stating you have approved the completed return and authorize the tax professional to electronically sign and submit this return. With this option, you will not be required to obtain signing credentials. You can still choose to obtain these credentials if you wish to monitor the status of the return on the DOL website.
Regardless of the method you choose, as your tax professional, J.H. Cohn will monitor the status of your return to ensure its acceptance by the DOL.
Attached to this Alert are instructions to assist your organization in applying for signer credentials. For more information about this and other filing requirements, including assistance in reviewing plans for compliance, please contact your J.H. Cohn engagement partner at 877-704-3500.
Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.