Alert: Form 5500

Profit Sharing/401k Council of America has provided the following alert to its members:

"The IRS has announced that the 2001 Form 5500 Package was not mailed until Wednesday, July 3, 2002. For employee benefit plans with calendar years, the Form 5500, annual return/report, is due on July 31, 2002. Despite the delays in printing, neither the Department of Labor nor the Internal Revenue Service is considering blanket extensions for 2001 Form 5500 filings. The mailing delay does not provide an excuse for a late filing.

"However, you may request the automatic extension to file. You will be asked to file the Form 5558, Application for Extension of Time to File Certain Employee Plans Returns, to request the standard 2-1/2 month extension. The Form 5558 must be filed by the due date of the Form 5500, July 31, 2002 for calendar filers. You can find a copy of the form at the IRS Web site: http://www.irs.gov/pub/irs-pdf/f5558.pdf."

Established in 1947, PSCA is a national, non-profit association of 1,200 companies and their 3 million employees. PSCA represents its members' interests to federal policymakers and offers practical, cost-effective assistance with profit sharing and 401k plan design, administration, investment, compliance and communication.

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