IRS Form 5500 Services (BDA)

Almost every organization that sponsors employee benefit plans must file IRS Form 5500. Of course, there are different rules and requirements for 5500s based on the type of plan being reported. In today’s post, we’re going to look at a few of the common questions that we receive about 5500s.

Employers who maintain a retirement plan for their employees are very familiar with the requirement to file an IRS Form 5500 and associated schedules each year.  However, many employers are unaware that they may also have a 5500 requirement for their health and welfare plans.

The US Department of Labor (DOL) is the responsible agency for overseeing compliance with ERISA, the Employee Retirement Income Security Act of 1974. Penalties for a variety of ERISA violations are contained within the law and are indexed annually for inflation. They've increased substantially.

On December 14, 2018, a US District Judge in Texas issued a ruling that the entire ACA was unconstitutional given that the individual mandate contained in it no longer had a tax penalty, the basis of the 2012 US Supreme Court ruling upholding the ACA's constitutionality.