Why is Filing Form 5500 So Important?

BASE® knows it can be challenging to prepare and file Form 5500, especially when employers do not know that the benefits, such as medical and dental, may require separate filings from their retirement plans.  When something is this important, it deserves the help of qualified professionals to make sure the appropriate Form 5500 is filled out, prepared, and submitted. 


The Form 5500 is an annual report of Employee Benefit Plans, filed with the US Department of Labor, used to report important information regarding employee health and welfare benefit plans.  This form ensures that employee benefit plans are administered and managed in compliance with certain standards, and that all participants and their beneficiaries, have been given or have access to information about their plans.  A business’ forms are due the last day of the 7th month of the plan year, which means the deadline is quickly approaching for most plans.


The BASE® 5500 Solver helps employers effectively prepare and file the Form 5500.  This comprehensive compliance solution generates custom compliant documents that allow employers to easily prepare and file electronically each year.  This innovative solution is for employers with 100 or more employees who provide health and welfare benefits to their employees. 


It is important that businesses who qualify to submit Form 5500 Series forms and schedules prepare, file, and submit in a timely manner to avoid steep penalties for failing to comply with this regulation.  The penalty for failure to file Form 5500 series has increased to $250 per day, but to not exceed $150,000. 


Our team at BASE® can help any employer that is required to prepare, file, and submit the Form 5500, to do so in a timely manner and avoid steep penalties, as well as administer any other health and welfare benefit plans that fit their business’ needs. 


For more information on the BASE® 5500 Solver, contact BASE® at 888.386.9680 or visit www.BASEonline.com

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