All About ERISA Form 5500 Preparation Services & Benefits Compliance

Before we get to the heart of why you should use an ERISA Form 5500 preparation services company, let us first talk about what ERISA & Form 5500 are.

ERISA stands for Employment Retirement Security Act and it is a law that sets compliance standards for employees and employers who want to sponsor one of a host of plans that directly affect an American’s retirement income.  Form 5500, on the other hand, is actually a series of forms that was developed by the different government agencies, including the IRS, the Department of Labor, and the Pension Benefit Guaranty Corporation.

They were made so that the employee benefit plans covered by the ERISA could satisfy annual reporting requirements as stipulated in ERISa’s Title I and Title IV of the Internal Revenue Code. The Form 5500 series is a disclosure, compliance and research tool in one for the Department of Labor. For other federal agencies and members of the private sector, it is an important tool for assessing economic trends and policies, taxes, and employee benefits.

Just like any other type of required government reporting Form 5500 takes time to prepare and has its own language. Thankfully for you, if you are required to file it because you have an employee plan in place, you do not need to file it yourself. There are many third-party ERISA services companies out there that can do it for you.

But how does it work? The company doing it will file current forms or forms for the years before as part of the Department of Labor’s delinquent filer’s voluntary compliance program. Most companies offer delinquent filing as a separate service. You do not need to get it if you are a new. But if you have an ERISA plan that has been in place for years, it is advisable that you get this separate service.

The forms preparation process is very simple for employers. They or their broker only need to fill out a data gathering form detailing which ERISA benefits need to be filed. Aside from filling out the form, they also need to provide the applicable data and schedules.

The ERISA services company then generates Form 5500 and gives clients access to an e-portal where authorized individuals can submit and reviews the form. You do not need to worry because most companies providing ERISA services provide detailed instruction and assistance in the actual filing.

Once the filing is complete, the ERISA consultants service company then monitors the submission, taking note of receipts by the labor department. A Summary Annual Report is then generated and sent to the clients to be approved and distributed where they are required to be distributed.

How much does it cost to hire a company to assist you with ERISA Form 5500?  Well, that really depends. Most charge $150 for every applicable schedule. The base form is already included in the fee. The minimum annual fee is $300. If you really want to know how much you need to pay, make sure to get a quote from at least three companies. Prices can be higher in many cases.

Form 5500 is required of all employers except for government offices and churches.  Also, benefit plans that have less than 100 are also exempted from filing in the first year. For plans that are not exempted, though, the federal government requires for Form 5500 to be filed at the end of the seventh month after the plan year. For plans that are following the calendar, this means the form has to be filed by July 31. Companies are given an automatic two and a half month (2.5 months) extension if they file Form 5558 to the IRS before the due date.

Where do you file Form 5000? You file it electronically at the Department of Labor’s EFAST2 website. Filers are required to register.

And that’s all there is to filing Form 5500. IF you think that was simple enough, it is. And this is thanks in no small part to the third-party companies that have made filing very easy. You actually do not need to get their help, however, if you want to make your life easier, you should have someone else do most of the boring work that will always take your time.

Top SEO Companies In Florida And Their Benefits To Your Business

This post offers information on the benefits of approaching the top SEO companies in Florida for service.

A search engine optimization (SEO) company in Florida comes with numerous benefits to your business. If you operate a small business in Florida, SEO will help take your business to the next level within a short period of time. It helps your business compete with the big businesses in the industry without having to spend a fortune on advertising. It is one of the most effective and affordable marketing methods out there. This is why you need to invest in an SEO strategy to take your business to the next level. The top SEO companies in Florida can do wonders in this regard.

Internet search marketing helps position your business on the top spots of Google and other search engines. The top five spots get more than 65 to 70% of the total traffic for a particular keyword. If your business is not in the top 5-6 positions on Google, you are losing a lot of traffic to your competition. That’s why you need to invest in an effective SEO strategy for your business online. What better way to get such a strategy than from the best search engine optimization agency in Florida.

search engine optimization in FL

The traffic you get from search engine optimization is highly targeted to the product or service you sell. In fact, these people are already searching for your product by typing the right keyword into the search box of the search engine Hence, they offer one of the highest ROIs compared to most of the other marketing methods out there. The best SEO in FL is not easy to find with a host of SEO agencies operating in the area. That’s where you should perform extensive research when choosing the best search engine optimization agency in Florida. It can save a lot of time and money in the long run.

The Internet is one of the best places to start your search in this regard. Make sure you check Google or any other search engine of your preference for the best search engine optimization company in Florida. There should be a list of service providers that you come across when you check Google. Check the background of each of these agencies before you decide to choose the right agency in the area. The right agency can help take your business to the next level within a short period of time.

A top SEO service in Florida should use only ethical SEO methods to rank your business. Most providers use black hat methods to rank sites faster. But these methods are not safe in the long run. Once the search engines learn that you have been using unethical SEO methods to game their system, they can demote your site from the SERPs. That is the importance of choosing the right search engine optimization company in Florida. It can save you a lot of time and money in the process.

A reliable search engine optimization provider will conduct a full audit to check the functionality and search engine friendliness of your site. If your site lacks one of these functions, the SEO agency will amend the site to include these important functions. That’s why you need to find the best SEO agency on the market.

In conclusion, search engine optimization is very effective and cheap at the same time. That’s why you need to use SEO to take your small business to the next level without further delay. This read offers information on why you need to work with a reputed SEO company in Florida.