Filing Your Return(s) and Paying Taxes

Filing Your Form 5500 or Form 5500-EZ

The Form 5500, Annual Return/Report of Employee Benefit Plan and the Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan were significantly revised for plan years beginning in 1999 both in content and appearance. With the revision and redesign of the forms came an entirely new reporting and processing system called the ERISA Filing Acceptance System (EFAST). This new computerized system requires that the forms now be submitted to the Department of Labor’s Employee Benefits Security Administration (EBSA) rather than the IRS (which had been the case for 1998 and prior years).

Under EFAST, filers choose between machine print and hand print computer scannable forms to file the Form 5500 or Form 5500-EZ. Machine print forms are completed using computer software from EFAST-approved vendors and can be filed electronically or by mail. Hand print forms may be completed by hand, typewriter or by using computer software (also from EFAST-approved vendors), but may only be filed by mail. In addition, filers wishing to use hand print forms must use the official government produced forms and schedules.

Information concerning EFAST and approved software can be found on the U.S. Department of Labor web site or by calling the EFAST Help Line at 866-463-3278.

The hand print forms, schedules and instructions are available 24 hours a day, 7 days a week by calling 800-TAX-FORM (800-829-3676).

Form 5500 Filing Tips