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Form 5500-EZ for South Carolina: What You Should Know
Office.) It may not have been easy to get the form filed electronically or through the DOL. The IRS website now provides information on filing Form 5500 electronically through EFAST2 (the search tool) and how to get tax information in electronically filed Form 5500-EZ. This document provides a brief overview of what the Form 5500 is, what the IRS requires from you, and what information to put on the form. The IRS Form 5500 and form 5500 Filing Requirements can also be visited from the web by clicking the IRS link. When filing your Form 5500, you can no longer file by mail to the IRS. Instead, you must file using EFAST2, the same filing system the IRS uses. Employment and Income Taxes: Tax Information for Employers An employer-created retirement plan must be conducted consistent with the requirements of tax law and the applicable regulations governing the type of plan and your relationship to your employees. This publication is designed to make that happen for your retirement plan and for any related individual retirement arrangement that you have under file. Although there are many differences between an employer-created retirement plan and a Roth IRA, a retirement plan must be properly structured for you to save for your retirement, and a Roth IRA does not create that safety net. A retirement plan should provide a flexible path for retirement, whether the account balances stay balanced and there is an eventual withdrawal from the plan. Employers that wish to establish and maintain a retirement plan should do so using a plan that meets the requirements of the Code. For more information on an employer-created retirement plan, see Publication 509, Your Employer's Retirement Plan. Employer Plans (Employer Contributions Under Traditional Employment Plans and Certain Individual Retirement Arrangements) You must set up and maintain an employer-sponsored retirement plan and pay a matching contribution if your plan is based on salary plus profit sharing. If your plan is otherwise based on compensation plus profit sharing, you do not need to pay a matching contribution. You do not have to use the plan as a retirement annuity. You may choose to use a plan to help plan for long-term retirement. For information on creating an employer-sponsored plan, see Form 4562, Employer's Election to Make a Contribution and Plan Information.
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