Guest krisknapp Posted July 13, 2007 Posted July 13, 2007 We usually only file extensions for the 5500s we have not completed by July 31. However, now that the extension doesn't need to be signed, I was going to file extensions for all my clients. This way if they don't file them before July 31, they will have the extension. Is this a good or bad idea? Any drawbacks I'm not thinking of?
John Feldt ERPA CPC QPA Posted July 13, 2007 Posted July 13, 2007 Not a bad idea. But if your firm has 500 clients with December 31st year-ends and 375 of them have already filed their 5500, then the time-cost on those 375 could have been spend doing something else that produces actual revenue - just a thought.
jpod Posted July 13, 2007 Posted July 13, 2007 For those who end up filing on time, are you not unnecessarily extending the period of liminations for the IRS to disqualify the plan and assess taxes against the plan for the year in question?
Belgarath Posted July 13, 2007 Posted July 13, 2007 Some CPA's are adamantly opposed to filing these, so if you do it on your own, you might get some irate people.
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