What tax forms need to be submitted and when?
There are basically 3 IRS forms that need to be submitted each year; the DOL Form 5500, which is your Plan’s financial information, is due within 7 months of your Plan’s year-end (for calendar year-end Plan’s, this would be July 31st). If the information cannot be completed by this date, an extension can be filed with the IRS that allows for an additional 3 ½ months to complete and file the return. The second form is Form 945 that must be filed by January 31st of each year, if Federal Withholding was taken from any participant’s distributions for the previous calendar year. The third form is Form 1096. This is a required form that must be filed for ALL distributions for the previous calendar year, regardless of whether taxes were withheld. This form must be filed by the last day of February each year. All 3 of these forms will be completed by Bates & Company, P.A. and sent to the Plan Administrator for signatures and filing.
