Get Form 5558 (rev. January 2007) (fill-in Capable)

Under EFAST2, you must electronically file the 2022 Forms 5500 and 5500-SF using EFAST2's web-based filing system or you may file through an EFAST2-approved vendor. The 2022 Form 5500-EZ can also be electronically filed using the EFAST2 filing system or filed on paper with the IRS.

Even though the form is filed electronically, plan sponsors are still required to retain a copy of the 5500 with “wet” signature in their permanent plan records. That doesn't necessarily mean an actual paper copy; a PDF is acceptable as long as it clearly shows the actual signature.

The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000.

Can I electronically sign the annual return/report for my client? Yes, if the plan administrator has authorized you to electronically submit the Form 5500/5500-SF/5500- EZ for the plan.

To request an extension of time to file Form 5500, Form 5500-SF, Form 5500- EZ, and/or Form 8955-SSA, file Form 5558 on or before the return/report's normal due date. The normal due date is the date the Form 5500, Form 5500-SF, Form 5500-EZ, and/or Form 8955-SSA would otherwise be due, without extension.

“Because the Form 5500 filing process requires certain employers and service providers to electronically file, it is a natural step for the IRS to allow those same filers to electronically file the Form 5558.

Plan sponsors and administrators can use Form 5558, Application for Extension of Time To File Certain Employee Plan ReturnsPDF, to request a one-time extension of time to file Form 5500 series or Form 8955-SSA (up to 2 ½ months after the normal due date of Form 5500s or Form 8955-SSA).

"The Form 5500 or Form 5558 extension filing deadline for a 2019 calendar-year plan remains July 31, 2020," law firm Jackson Lewis reminded plan sponsors in an alert.