5500 Form Filings Suspended
On April 4, 2002, the IRS announced that the 5500 Form Filing requirement has been suspended indefinitely. Plan Sponors of Cafeteria Plans, Educational Assistance Plans and Adoption Assistance Programs will no longer have to file a Schedule F. The release does not affect, however, the filing requirement applicable to ERISA plans, including health flexible spending accounts.
It is noteworthy that small plans will no longer have a Form 5500 obligation as long as they continue to remain a small plan as defined by ERISA. A small plan is defined under ERISA as a plan with under 100 covered on the first day of the Plan Year.
If you are unsure of your filing requirements, please contact our office for assistance. The IRS has also recently posted Form 5500 filing tips on its website.