5500 filing without auditors opinion?

[Lori H]

Can it still be done? I know prior to electronic filing it was permissible. The plan sponsor is having difficulty getting distribution paperwork from TIAA-CREF

[masteff]

This thread from last year says that filing w/out a required audit is the same as not filing w/ respect to possible penalties. http://benefitslink.com/boards/index.php?/topic/52277-audit-not-ready/

Relius says the same here: http://www.relius.net/News/TechnicalUpdates.aspx?ID=446

[Kevin C]

I know they can, but has anyone actually had the DOL or IRS penalize a client for filing without the audit report and later amending to include the audit?

[Lou S.]

Not sure. We almost tried that route last year but the auditor got us the audit on 10/15 and we were able to file on time.

[Lori H]

Good question

[Lori H]

are you still able to file electronically after the extension deadline, let the IRS/DOL assess a penalty or do you file through DFVC?

[BG5150]

I think if you try to file electronically without the opinion attached it will reject.

What do TIAA distribution forms have to do with filing a 5500?

[BG5150]

From the EFAST2 FAQ:

Q25: Will the EFAST2 system still receive my filing if I do not attach the IQPA report with my Form 5500 annual return/report when it is required?

The EFAST2 system will receive your filing, but submitting the annual return/report without the required IQPA report is an incomplete filing, and the incomplete filing may be subject to further review, correspondence, rejection, and assessment of civil penalties. Also, if you do not submit the required IQPA report, you must still correctly answer the IQPA questions on Schedule H, line 3. This means you must leave lines 3a and 3b blank because the IQPA report is not attached and must also leave line 3d blank because the reason the IQPA reports is not attached (i.e., was not completed on time) is not a reason listed in any of the available check boxes. You should still complete line 3c if you can identify the plan’s IQPA. Please note that failing to include the required IQPA report and leaving parts of line 3 blank will result in the system status indicating that there is an error with your filing because, as noted above, submitting your annual return/report without a required IQPA report is an incomplete filing, and may be subject to further review, correspondence, rejection, and assessment of civil penalties. Thus, if you find it necessary to file a Form 5500 without the required IQPA report, you must correct that error as soon as possible.

[Lori H]

From the EFAST2 FAQ:

Q25: Will the EFAST2 system still receive my filing if I do not attach the IQPA report with my Form 5500 annual return/report when it is required?

The EFAST2 system will receive your filing, but submitting the annual return/report without the required IQPA report is an incomplete filing, and the incomplete filing may be subject to further review, correspondence, rejection, and assessment of civil penalties. Also, if you do not submit the required IQPA report, you must still correctly answer the IQPA questions on Schedule H, line 3. This means you must leave lines 3a and 3b blank because the IQPA report is not attached and must also leave line 3d blank because the reason the IQPA reports is not attached (i.e., was not completed on time) is not a reason listed in any of the available check boxes. You should still complete line 3c if you can identify the plan’s IQPA. Please note that failing to include the required IQPA report and leaving parts of line 3 blank will result in the system status indicating that there is an error with your filing because, as noted above, submitting your annual return/report without a required IQPA report is an incomplete filing, and may be subject to further review, correspondence, rejection, and assessment of civil penalties. Thus, if you find it necessary to file a Form 5500 without the required IQPA report, you must correct that error as soon as possible.

Interesting. Sungard Relius states something different.

The auditor will not sign off on the audit until he has a few missing TIAA benefit payment election forms.