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Large plan filers typically report their financial statements on Form 5500 using the accrual method, because the independent auditors report is typically presented on an accrual basis.
1, 2024. The IRS has updated the information on its website to indicate that beginning Jan. 1, 2024, Form 5558, Application for Extension of Time to File Certain Employee Plan Returns and its instructions, can be filed electronically or on paper.
The IRS, too, provides that information. On Nov. 8, 2023, it updated the information on its website to indicate that beginning Jan. 1, 2024, Form 5558 can be filed electronically through the DOLs EFAST2 system or on a paper Form 5558 with the IRS.
Go to the eFast search site: and search by Plan EIN (SCHHEIN), or ACKID. You can then download the full Form 5500 with attached audit from the results.
All Form 5500/5500-SF/5500-EZ filings must have a valid electronic signature. Any submission that is not signed with a valid signature could be rejected and incur civil penalties. If you submitted your filing without a valid electronic signature as required, you must sign and submit an acceptable amended filing.
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There are 3 types of Form 5500: Form 5500-EZfor one-participant plans only; Form 5500-SF for plans with fewer than 100 participants; and Form 5500for plans with 100 or more participants.
EFAST2 Filing System Under EFAST2, you must electronically file the 2023 Forms 5500 and 5500-SF using EFAST2s web-based filing system or you may file through an EFAST2-approved vendor. The 2023 Form 5500-EZ can also be electronically filed using the EFAST2 filing system or filed on paper with the IRS.