Annual Administration

The employee census form is very important for us to be able to complete the administration. We cannot proceed with the annual administration until we have the completed census form.
All employees of the Corporation are to be reported regardless of eligibility. Please make sure to contact our office if you have any other businesses that are employing individuals. This is necessary so that we can make a determinitation as to whether or not those employees should be included on the census.

Any officers and/or trustees need to be included on the census, regardless of whether salary was taken or not.

The information MUST be reported using our form template which can be found to the right of the page.

Provide a copy of the W-2 Employee Wage & Tax Statement for each employee who received W-2 wages in your plan year.

Every year we will need copies of the monthly statements of your Profit Sharing Plan & Trust bank account (if it is opened), inlcuding brokerage statements, from the beginning of your plan year end to the end of your plan year end.

If you have multiple participants with accounts, we will need each participant’s account statements for the full tax year as well.  Please provide detailed explanations for any deposits/withdraws that occured to/from the brokerage/plan account so that we can report these accurately.

*Failure to provide an explanation may result in delay in filing or the inability to complete the adminsitration or create inaccurate reporting to be filed.  Such corrections may require amendments which would also add more time to your filing and resulting in a late submission.  You would be responsible for the late fees incurred due to submitting inaccurate data or incomplete data.  Depending on the severity and level of work required, this may exceed the standards we set for the Annual Administration program and you may be subject to additional service fees.

If you have closed your PSP&T bank account, it is necessary for us to obtain the statements up until the account was closed.  Once it has been reported that the account was closed, then this item is no longer applicable to you unless you decide to reopen the account.  You must inform your Plan Coordinator if you have decided you want to reopen your PSP&T bank account.

We only need copies of your Corporate statements IF additional stock was purchased, stock bought back, or a contribution was made and we need to see the money going into or coming out of the account.  Other than the applicable statement, it is unnecessary to send us your Corporate bank statements.

Please be aware that if a participant with an account balance terminates or takes distribution, it is important to inform us immediately by emailing your Plan Coordinator with the following data:

• The participant name, hours worked, and if applicable, the termination date and termination wages (if any).
• Copies of the filed Form 1099R(s) and signed Form 1096.
• Copy of the relevant participant distribution form(s), filled out (found in your blue Profit Sharing Plan binder).

If you have not filed the Form 1099R(s) & 1096, SD Cooper can produce them for free if you are enrolled in our Annual  Administration program; otherwise, we can prepare them for a fee of $250 for the initial filing of the forms and $100 for subsequent filings.  If you hire SD Cooper to produce the forms, please send the data to us as soon as available or no later than December 1st of the distribution year.

The IRS filing deadlines for the Form 1099R & 1096 are as follows:
1) Copy C for Recipient (participant) is due January 31st (of year after distribution year);
2) Copy A for IRS is due January 31st (of year after distribution year).

In order to complete your administration, you will need to be enrolled in our Annual Administration program and current on your monthly payments. 

If you are not enrolled in our Annual Administration program, then the standard annual filing fee is $2,500. 

If you are enrolled in our Annual Administration program but your monthly payments are not current, you must either pay the balance due before we process your Form 5500 or pay the difference between what you have already paid and the standard annual filing fee of $2,500 if you miss the SD Cooper document deadline. 

Please Note:  Delay in payment may result in a delay in Form 5500 submission which is your responsibility and may incur late fees from the IRS and/or the DOL.  We have established our deadlines in order to assure our clients their filings will be completed in a timely manner.

Please Also Note:  Only sending in payment before the deadline without the other data will still be considered late and may incur late fees from the IRS and/or the DOL.