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EFAST2

EFAST2 Questions and Answers

EBSA announces that EFAST2 online filing system can now receive Form 5500s.

The Employee Benefits Security Administration (EBSA) has announced that the all-electronic EFAST2 system is now operational for the receipt and processing of Form 5500 filings. EFAST2 allows the public to submit Form 5500 and Form 5500-SF and access filings at www.efast.dol.gov.

The revised EFAST website provides filers with tools and guidance, including the 2009 and 2010 Form 5500 and new Form 5500-SF, schedules and instructions, frequently asked questions, user guides, and tutorial. Filers and preparers can register for an account, complete forms and schedules in multiple sessions, print a copy of the forms and schedules, and submit the filing at no cost. Filers may also use EFAST2-approved software to complete and submit their filings. A list of EFAST2-approved software can be found at the website above.

Filing changes

2009 and 2010 annual returns/reports must be submitted electronically through EFAST2. In addition, prior year delinquent or amended Form 5500s must be filed electronically, except that timely 2008 plan year filings can still be filed through the original EFAST on paper until October 15, 2010, or electronically through June 30, 2010.

Other important changes include expanded disclosure on Schedule C of indirect service provider compensation, more extensive reporting by Code Sec. 403(b) plans, and the removal of IRS Schedules E and SSA. Information provided is Schedule SSA must now be filed directly with IRS. In addition, filers are no longer required to attach a copy of IRS Form 5558 (Application for Extension of Time To File Certain Employee Plan Returns) to their Form 5500 filings, or an explanation of a special extension. Filers must now just check the box on Form 5500, and, if applicable, enter a description of the special extension. However, filers must keep a copy of Form 5558 filed with the IRS with their records.

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