Paid Preparer Information - Line 5

[mwyatt]

Form 5500 and 5500EZ have now added for the first time the identification of a "paid preparer" (line 5). Instructions say that completion is optional. I'd be curious to know what other TPAs and actuaries think about the completion/noncompletion of this item and any potential ramifications.

[Lynn Campbell]

At a recent 5500 Seminar put on by Corbel, the instructor told us to leave this item blank, because DOL had advised that approach. I am not sure how my clients will accept that explanation from me...

[Cathy from Chicago]

We also attended a conference and were told to leave it blank, not because DOL had an opinion either way, but because why would we want to give every participant the opportunity to call us! Works for us....

[Dawn Hafner]

I agree. The form is subject to public discosure. The last thing I want is individual participants to be calling me directly. Also, I don't know how this information will be used. The possibility that a problem with one of my client's 5500's could stem an audit for all of the 5500s I prepare is enough of a reason for me.

[Guest Rudy]

Our firm has taken the position that we will leave the preparer's information blank for the same reasons previously mentioned by Cathy and Dawn.

[Guest khaskell]

At an ASPA conference, we were told that the DOL will be using this area to identify TPA's that are not doing a good job in preparing the 5500...ie. many inconsistencies on the 5500. In order to avoid any DOL scrutiny, we were advised not to complete this section.

[SLuskin]

Thanks for the info. We had been putting the preparer info in, but starting tomorrow we won't. Interested to know if any clients complain about leaving it blank.