Get the free Form 5500 Schedule C Changes (2009)

Insight July 2009 2009 Plan Year Form 5500 Schedule C Changes By Brian Donahue, Senior Vice President, Aon Consulting Key Changes / Highlights Direct vs. Indirect Compensation Generally, direct compensation

How to fill out form 5500 schedule c

How to fill out form 5500 schedule c?

1. Begin by entering the plan sponsor's name, employer identification number (EIN), and plan number at the top of the schedule.
2. Provide information about the service provider, such as their name, EIN, and address.
3. Indicate the type of compensation received by the service provider and the nature of the services provided.
4. Report the amount of indirect compensation received by the service provider, if applicable.
5. Provide details about the compensation received by the service provider in the form of gifts, promotions, or prizes.
6. Summarize the total amount of compensation paid to the service provider.
7. Complete the certification section at the bottom of the schedule.

Who needs form 5500 schedule c?

1. Employee benefit plans that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must file Form 5500.
2. Specifically, those plans that engage the services of a service provider and compensate them $5,000 or more during the plan year need to complete Schedule C.
3. Service providers who receive $5,000 or more in compensation from an employee benefit plan must also file Schedule C with their own tax return.

It's important to note that this response is for informational purposes only and should not be considered legal or financial advice. For detailed instructions on how to fill out Form 5500 schedule c, please consult the official instructions provided by the Internal Revenue Service (IRS).

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What is form 5500 schedule c?

Form 5500 Schedule C is a reporting requirement for employee benefit plans to disclose service provider fees and other expenses paid from plan assets.

Who is required to file form 5500 schedule c?

Plan administrators of employee benefit plans that qualify as a small plan or a large plan are required to file form 5500 Schedule C.

How to fill out form 5500 schedule c?

To fill out form 5500 Schedule C, you need to provide information about service providers, fees paid, and other expenses related to the employee benefit plan. The form can be completed electronically using the Department of Labor's EFAST2 system or manually using the paper form.

What is the purpose of form 5500 schedule c?

The purpose of form 5500 Schedule C is to provide transparency and accountability regarding the fees and expenses associated with employee benefit plans. It helps plan participants and regulators understand the costs and services provided by service providers.

What information must be reported on form 5500 schedule c?

Form 5500 Schedule C requires reporting of the names of service providers, the type of services rendered, fees paid, and other direct and indirect compensation received from the plan.