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What is 5500 Form: What You Should Know

This publication includes information such as the amount of participation, compensation amounts paid over three years, amounts paid in a certainĀ  period, and other information. Although these documents are required to be reviewed and reported by plan participants and administrator, itĀ  does not include the details of individual plan contributions or payments. The purpose of Form 5500 is to provide theĀ  information necessary to prepare a report that will be used to administer the plan. This report may also beĀ  requested or provided to the plan sponsor or other interested federal agency for an independent review. What are the limitations on the use of this data? The information contained in the Form 5500 reports is exempt from disclosure because the information is ā€œconfidentialā€ and ā€œpersonalā€ information. To learn about your rights under the Privacy Act of 1974 or other federal privacy laws, contact the EMIR at or emir.gov. Ā  Why is it important to note that there are limitations on how the information is disclosed?Ā  Because tax returns are tax reports, and they are required to be prepared in a manner that facilitates theĀ  efficient use of the tax returns, the EMIR seeks to limit the disclosure of certain tax information by the IRS. The disclosure of certain information is notĀ  allowed by the law. For example, disclosure of a pay stub would have the effect of disclosing personal information about theĀ  individual receiving the pay stub (e.g., where the pay stub was issued for the payee's job, the person's or employer's name,Ā  address, and social security number) rather than the employer paying the employee. Can I use the information in any manner? The Form 5500 reports contain all the information necessary for the EMIR to determine if information shouldĀ  be disclosed to the IRS or that information provided to other federal agencies. The disclosure of this information is notĀ  allowed under federal or state law. Some restricted uses for the information include, but are not necessarily limitedĀ  to: ā€¢ Review of the Form 5500 series for tax reporting purposes, to obtain a statement of the tax liabilities of the plan. ā€¢ Review of the required reports for preparation of taxĀ forms. ā€¢ Dissemination to participants in any type of company plan (e.g., profit sharing orĀ  payroll deferral plans) regarding the tax law (and/or non-tax law) to which your plan is subject.

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