Certified Plan Sponsor Professional (CPSP) Practice Exam

When is the due date for filing Form 5500 with the IRS and DOL assuming no extension has been requested?

1. Last day of the 5th month after the plan year

2. Last day of the 6th month after the plan year

3. Last day of the 7th month after the plan year

4. Last day of the 8th month after the plan year

The correct answer is: Last day of the 7th month after the plan year

The correct due date for filing Form 5500 with the IRS and the Department of Labor (DOL) is indeed the last day of the 7th month after the plan year. This timeline aligns with the regulatory requirements set forth by the DOL and IRS, which aim to ensure that plan sponsors provide necessary information about their employee benefit plans in a timely manner. Form 5500 serves as an annual report that provides critical information about the financial condition, investments, and operations of a pension plan or welfare benefit plan. The 7-month window allows sponsors adequate time to compile the necessary information following the end of the plan year, which is typically December 31 for many plans. If the plan year ends on December 31, the due date would then be July 31 of the following year. However, if an extension is requested, typically through Form 5558, this due date can be extended for an additional 2.5 months, resulting in a new deadline of October 15. Understanding these deadlines is crucial for plan sponsors to maintain compliance with federal regulations and avoid penalties.