Need a break from hearing about deadlines? We have good news to share on what to expect for 2025!
Form 5500:
First, we have been informed by the DOL* that the 2024 Form 5500 will have no changes for health and welfare; most are behind-the-scenes updates for functionality. We were given another year of no extra challenges for the Form 5500 report.
* As Wrangle is an approved Form 5500 e-filing software vendor of the DOL, we receive the preliminary information on the upcoming filing year ahead of time to prepare and implement.
Also, as a bonus to you, Wrangle does not anticipate any major changes to our 5500 processes for you. As always, we will make some fine-tuning adjustments based on your feedback to improve the process.
Form 5558:
The next bit of great news: The DOL and IRS are moving forward for the Form 5558 (used to request an extension for the Form 5500) to be e-filed; it will no longer need to be mailed starting with the January 31, 2025, due date. We do report this with a tiny bit of hesitancy. Last year we reported the same news and at the 11th hour, the changes were rescinded. We do feel very confident that this is now a solid approach as changes were made to the Form 5558 to incorporate the e-filing process.
- Please note: Wrangle’s extension process is mostly behind the scenes when we process the Form 5558 since no signatures are required. You will not be impacted by the submission. You can just enjoy the disappearance of mistaken denial letters from the IRS.
Key Information: we will receive an acknowledgment ID to prove a successfully e-filed Form 5558. However, no one has visibility or access to the e-filed Form 5558 as we do with the Form 5500. Also, no one will be able to call EFAST for a verbal status. The acknowledgment ID code will be sufficient to prove a successful submission.
Finally, the rules on e-filing the Form 5558 stand true as with a mailed Form 5558: it must be e-filed by the deadline of the Form 5500. If the Form 5558 is e-filed after the due date, please note the following.
The Form 5558 must be submitted by the return/report’s original due date. If submitted after that date the request for extension may not be based on that Form 5558. Be aware that you may be subject to a penalty for late filing of a return/report if you’re not eligible for an automatic or special extension.
As mentioned, this is preliminary information. The official information on the 5500 and 5558 will be released on January 1, 2025. We will confirm all findings in our January 2025 blog for you.
If you have any questions, please let us know. You can reach out to Ann McAdam at amcadam@wrangle5500.com for assistance.