The Complete Guide to the Preparation of Form 5500: Part 1 (Currently Unavailable)
Author: Arthur Joseph Werner
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Tax compliance issues of qualified plans are sometimes confusing to practitioners due to the fact that many lack experience in this area. This course provides the practitioner with a practical understanding of the issues involved in preparing the Annual Return/Report of Employee Benefit Plan (Form 5500).
Publication Date: March 2017
Designed For
CPAs, finance professionals, financial planners.
Topics Covered
- Basic rules and concepts
- What lines and schedules must be completed for all plans
- EFAST filing system (EFAST and EFAST2)
- Purpose of Form 5500
- Consolidation and Accuracy
- Availability
- Basic Filing System
- EFAST Filing System & Credentials
- Pension Plans
- Pension Schedules for Pension Plan
- Financial Schedules for Pension Plans
- Welfare Benefit Plans
- Schedules for Small & Large Welfare Benefit Plans
- What Plans Must File
- Pension Benefit Plans
- Form 5500EZ
- Fringe Benefit Plans
- Direct Filing Entities
- General Filing Requirements
- Final Returns
Learning Objectives
- Identify step-by-step guide to preparing the Annual Return/Report of Employee Benefit Plan (Form 5500)
- Differentiate which information should be of more interest to the IRS than it would be to the DOL or PBGC
- Recognize which plan is subject to oversight by the PBGC
- Differentiate considerations for the actuary when performing an actuarial analysis for a retirement benefit plan
- Describe Schedule SSA and it's purpose
- Differentiate in which situations to file Form 5500-EZ
- Identify which plans would be required to file a 5500
- Recognize who is required to file Form 5500
- Identify who audits Form 5500 on an annual basis
- Define how a part-time employee is classified for retirement plan purposes
- Recognize the benefits a welfare benefit plan provides
- Describe how ERISA protects the interest of employees
- Classify when a Form 5500, Schedule B is required
- Recognize the purpose of Form 5500
- Identify the EFAST system requirements
- Recognize what happens if a company with a pension benefit plan goes out of business
- Describe when Form 5538 is necessary
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
