Form 5500: Update, Troubleshooting and Audit Triggers

ASPPA [American Society of Pension Professionals & Actuaries]

Experience Level for Attendees: Intermediate

Target Audience:  TPAs, Accountants, Administrators, Advisors and Plan Sponsors

IRS Program Number:  CZTXU-Q-01309-21-O

Description:  Form 5500 is the window through which the IRS and DOL view retirement plans. The decision to audit is frequently triggered by information in the 5500. Completing forms expeditiously and accurately is necessary for proper plan administration and prevents unnecessary and costly government interaction .  Understanding the 5500 questions will make you a more effective practitioner and helps you advise your clients on potential audit issues and plan failures effectively. We’ll explain the changes and troubleshoot questions that might generate IRS or DOL attention.

Learning Objectives

1. Avoid errors that will lead to filing rejection or DOL correspondence.   
2. Identify questions and issues that might generate IRS or DOL audits.
3. Explain reporting changes to plan professionals.

About the Speaker:

Stephen W. Forbes, J.D., LL.M. (taxation)

Stephen is an ERISA attorney and educator with 35 years of experience practicing and teaching in the retirement plan area.  He was vice president of SunGard Relius in charge of Relius Education. At SunGard, he taught seminars, conferences and web seminars on retirement plan compliance, design and correction. He also helped draft qualified plan, 403(b), 457(b), 409A and IRA documents and other forms.  Stephen wrote all editions of “The Form 5500 Filing Guide” and co-authored “The Pension Library.” He also wrote articles and technical updates on all aspects of retirement planning. Stephen came to SunGard in the acquisition of Pension Publications of Denver (PPD) where he served as Vice President. Previous to working for PPD, he was a tax law specialist at the national office of the Internal Revenue Service (Employee Plans Division) where he worked with master/prototype plans, trained IRS employees, wrote IRS Notices and revenue rulings and participated in several Treasury regulations committees. After receiving his bachelor’s degree, Stephen graduated from Willamette College of Law and then obtained a Master of Law degree in Taxation from the George Washington University Law School.

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