EFAST2 is Up and Running!
EFAST2 Part 18
In our continuing series of FAQs on EFAST2, we are addressing the issues and procedures with which 5500 preparers and plan sponsors will need to familiarize themselves to make the transition to electronic filing.
On December 31, 2009 (a day earlier than predicted), the DOL made available on its website the registration procedure for obtaining credentials (e.g., filing signer credentials). In addition, for those preparers who wish to use DOL’s Form 5500 filing system – IFILE – the DOL has also made available its IFILE system.
Where does an individual go to register for credentials?
Go to www.efast.dol.gov/ and click on “register" on the left side of the web page.
Can anyone obtain credentials?
Yes. The DOL has not imposed restrictions on who may obtain credentials. However, the DOL will issue only one set of credentials per email address.
Where does a preparer go to prepare a Form 5500 under IFILE?
Go to the website described above and click “login." You must have filing author credentials to prepare a Form 5500 filing under IFILE.
In obtaining credentials, we have determined that the process generally follows the DOL descriptions. However, we did discover a few issues of which you should be aware: You may not use the ampersand (&) or the apostrophe (') symbols in the process for obtaining credentials. For example, if your company name was “O’Malley & Sons," you would need to drop the two symbols when registering for credentials. However, you may use the symbols in completing the Form 5500 using third party software or IFILE. After completing the credentials registration, if you do not receive the email from the DOL, you should check your “junkmail" file.
Sample EFAST2 Credentials Letter. Would you like a sample letter to send to your clients explaining step-by-step how to obtain EFAST2 filing signer credentials? We will provide a sample letter to each person who has registered for our free technical update service by January 25, 2010. If you are already subscribed, you will also get the letter, you do not need to do anything. To register for the technical update service, Create a Relius New User Login. If you are already registered on our web site, log in and select Subscriptions!