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This form is required under section 104 of the Employee Retirement Income Security Act of 1974 (ERISA) to provide information on service providers associated with employee benefits plans and their compensation details.
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How to fill out schedule c form 5500

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How to fill out schedule c form 5500

01
Obtain a copy of Form 5500 and Schedule C.
02
Identify the plan year for which you are filing.
03
Fill out the plan's basic information, including the name, EIN, and plan number.
04
Complete the schedule by providing details on service providers, including their names and addresses.
05
Report any fees paid to service providers during the plan year.
06
Include information on any non-exempt transactions involving service providers.
07
Sign and date the form after ensuring all entries are correct.
08
Submit the completed Form 5500 and Schedule C to the Department of Labor by the due date.

Who needs schedule c form 5500?

01
Plan administrators of employee benefit plans that meet certain regulatory requirements.
02
Pension and welfare benefit plans that have 100 or more participants.
03
Plans that are subject to ERISA regulations.
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Schedule C (Form 5500) is a form used by employee benefit plans to report fees and expenses paid to service providers that exceed $100,000 in a plan year.
Plan administrators of employee benefit plans that file Form 5500 are required to complete Schedule C if the plan paid any service provider fees exceeding $100,000 during the plan year.
To fill out Schedule C, gather information on all service providers, their fees, and the services provided. Then complete the form according to the IRS guidelines, detailing each service provider's name, address, and amount paid.
The purpose of Schedule C is to provide transparency regarding the fees and expenses related to service providers for employee benefit plans, ensuring compliance with the Employee Retirement Income Security Act (ERISA).
Schedule C must report the names and addresses of service providers, the total amount of fees paid, and the nature of services provided, particularly if the fees exceed $100,000.
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