Most retirement plans are required to file a Form 5500 every year. It’s vital that the information on this form is accurate.
If it isn’t, the Department of Labor or the IRS will want to know why, and they’ll usually try and find out by auditing you.
Always double-check the numbers on this form before you submit it, and make sure you have someone responsible for filling out this paperwork who knows what they’re doing.
If it’s too late and you have made errors on your Form 5500 it is best that you file an amended return as soon as possible. The best option is to hire someone you can trust to handle it before you face an audit.
How to Avoid an Audit
Hire the right people. Work with and hire experienced and knowledgeable providers who are fiduciaries, who will take on some of the risk and responsibility for ensuring accurate reporting and compliance.
At Confidence Wealth Management we work with employers, trustees, and human resources as a fiduciary on employer-sponsored plans.
We specialize in designing custom-made plans and implementing retirement plan services that move you toward your goals and the best results for the company, the plan, and the participants.
We create winning strategies and solutions for our clients. Click below to set up a consultation or contact us for