Once you have completed Form 5500-EZ, you need to take a few important actions to ensure compliance and document your filing properly. Here's what you should do with Form 5500-EZ when it's complete:
1. Review and verify accuracy: Before proceeding, carefully review your completed Form 5500-EZ to ensure accuracy and completeness. Double-check all the information provided, including financial data, plan details, and any supporting schedules or attachments.
2. Sign and date the form: As the filer, make sure to sign and date the form in the appropriate section. This signature confirms that the information provided is true and accurate to the best of your knowledge.
3. Retain a copy for your records: Keep a copy of the completed and signed Form 5500-EZ for your records. This is essential for future reference, audits, or any potential disputes. Store it in a safe and easily accessible place along with other relevant plan documents.
4. Submit the form to the IRS: Send your completed Form 5500-EZ to the Internal Revenue Service (IRS) for filing. This form should be submitted separately from your annual income tax return. Ensure that you are following the correct submission procedures and using the most up-to-date mailing address provided by the IRS.
5. Keep proof of submission: Once you have mailed the form to the IRS, it's prudent to keep proof of submission. This can be in the form of certified mail receipts, registered mail receipts, or any other document confirming that your Form 5500-EZ was sent to the IRS.
6. Track the filing deadline: Be aware of the filing deadline for Form 5500-EZ, which is generally the last day of the seventh month following the plan year-end (e.g., July 31 for a calendar-year plan). Failing to file on time may result in penalties or late filing fees.
7. Consult with a professional, if necessary: If you have any doubts or concerns about completing and submitting Form 5500-EZ, consider seeking guidance from a qualified professional, such as a tax advisor or a retirement plan specialist. They can help ensure compliance with the filing requirements and provide expert advice tailored to your specific situation.
Remember, the information provided here is general in nature, and it's advisable to consult the official instructions for Form 5500-EZ and seek professional advice for any specific concerns or questions related to your unique circumstances.