Feeling overwhelmed by the complexities and deadlines of health & welfare employee benefit plan filings? Form 5558 is here to save the day…and your sanity! This form offers a valuable solution for employers and plan administrators needing more time to file Form 5500. With this form, you can navigate the filing process confidently, avoid last-minute stress and penalties, and ensure accurate and complete submissions. Here’s a quick guide to mastering and effectively using Form 5558 to take control of your deadlines and simplify your filing process.

What is Form 5558?

Form 5558, “Application for Extension of Time to File Certain Employee Plan Returns,” is an IRS form that allows plan administrators to request an extension for filing a Form 5500 (Annual Return/Report of Employee Benefit Plan).

What are the Benefits of Form 5558?

• Avoid Penalties: Filing Form 5558 on time can prevent costly penalties for late submissions of Form 5500
• Get More Time: Filing Form 5558 allows a 2.5-month extension, allowing you extra time to gather the necessary information and ensure accuracy on the 5500 filing

How do you File Form 5558?

1. Fill out Form 5558 with accurate and complete information about your plan and the requested extension. Key details include:
   • Name of the Plan
   • Plan Sponsor Information
   • Employer EIN
   • Plan Year End Date
   • Plan Number
   • New Due Date of the Filing
2. Ensure the form is mailed by the original due date of the filing that is being extended to maintain compliance and avoid penalties.

Using Form 5558 effectively can help you manage your filing obligations, avoid costly penalties, and ensure your submissions are accurate and complete. By taking advantage of this resource, you can reduce the stress of meeting filing deadlines and improve your compliance. For more detailed guidance and assistance with filing Form 5558, feel free to reach out to our team of experts at medcomcompliance@medcombenefits.com. We’re here to help you stay compliant and stress-free!