WASHINGTON, July 20 -- Sen. Jim Banks issued the following press release:
Senators Jim Banks (R-Ind.) and Cory Booker (D-NJ) introduced the Form 5500 Filing Simplification Act. This bipartisan legislation establishes a single, uniform filing deadline for Form 5500 and reduces unnecessary administrative burdens, while maintaining oversight and transparency for retirement plans.
Under current law, employers often need to file an extension request with the IRS using Form 5558 just to submit their annual Form 5500 on time. The Form 5500 Filing Simplification Act eliminates unnecessary and duplicative filings by aligning the statutory deadline with existing filing requirements. The bill also modernizes the filing process by allowing electronic...