Estimating Business Value for Form 5500 Compliance

By James Lynsard, Certified Business Appraiser

July 20, 2025

Introduction

For business owners, CPAs, plan sponsors, and retirement-plan advisers, Form 5500 reporting can turn a private-company valuation question into a compliance question. If a retirement plan holds private company stock, an employer security, a ROBS-related company interest, or another hard-to-value business asset, the plan cannot treat valuation as a casual estimate. The plan must report asset values using the Form 5500 rules that apply to the plan, and those reported values should be supported by a process that a fiduciary, auditor, third-party administrator, or regulator can understand.

The practical question is simple: can you estimate your business value yourself for Form 5500 purposes? Sometimes an internal estimate may be part of the process, especially for a small plan with limited facts. But the safer answer is more nuanced. The Form 5500 instructions define current value as fair market value where available, or good-faith fair value determined under the plan by a trustee or named fiduciary when a market price is not available (U.S. Department of Labor, Internal Revenue Service, & Pension Benefit Guaranty Corporation [DOL/IRS/PBGC], 2025a). That definition places responsibility on the plan fiduciary. It does not create a one-size-fits-all shortcut, and it does not mean book value, cost, or an owner’s informal opinion will be enough in every situation.

This corrected guide explains what Form 5500 valuation means, when self-estimation becomes risky, how the income, market, and asset-based approaches are usually applied, and when a professional business valuation is the better risk-reduction step. It is educational only. It is not tax, ERISA, accounting, legal, or investment advice. Plan sponsors should coordinate with the plan’s third-party administrator, CPA, auditor, and ERISA counsel before deciding how to file.

What Form 5500 Is Actually Asking For

Form 5500 is the annual return/report used for many employee benefit plans. The IRS describes Form 5500 as a filing used to report information about a plan’s qualification, financial condition, investments, and operations (Internal Revenue Service [IRS], 2025a). The Department of Labor’s Form 5500 materials, the IRS materials, and PBGC materials are coordinated because the filing serves multiple reporting purposes.

For valuation purposes, the key point is that the filing reports plan assets and liabilities. Schedule H is used for many large plans and direct filing entities. Schedule I is used for many small plans. Form 5500-SF and Form 5500-EZ have their own eligibility rules and instructions. The correct form and schedules depend on the plan type, participant count, funding vehicle, asset mix, employer securities, and other facts. A business owner should not assume that the same form used by a market-invested 401(k) plan will also work for a plan holding employer stock.

The 2025 Form 5500 instructions define current value as follows: fair market value where available, or fair value as determined in good faith under the terms of the plan by a trustee or named fiduciary, assuming an orderly liquidation at the time of determination (DOL/IRS/PBGC, 2025a). The same instructions also state that an accurate assessment of fair market value is essential to a pension plan’s ability to comply with Internal Revenue Code and ERISA requirements (DOL/IRS/PBGC, 2025a).

That language matters. A private operating company usually does not have a quoted market price. When there is no established market, the plan needs a supportable valuation process. A fiduciary can use professional judgment, but the judgment should be documented. The file should show the valuation date, subject interest, financial information used, methods considered, adjustments made, assumptions selected, and the reason the reported value is reasonable.

Why Private Company Stock Creates More Valuation Risk

Publicly traded securities usually have market quotes. Mutual funds, regulated investment accounts, and insurance contracts often provide annual statements. Private company stock does not work that way. A small business may have no active market, no recent arm’s-length stock transfers, related-party transactions, limited financial controls, owner compensation adjustments, customer concentration, contingent liabilities, or assets that differ materially from book value.

Those facts make business valuation a judgment-based exercise. The reported number may affect participant account balances, plan financial statements, distributions, contribution testing, prohibited-transaction analysis, and fiduciary process. A low number can understate plan assets or participant value. A high number can overstate assets, affect allocations, and create other tax or fiduciary issues. Neither direction is automatically safer. The objective is a supportable fair market value or good-faith fair value, depending on the form instruction and plan context.

ERISA fiduciary duties also matter. ERISA section 404 requires fiduciaries to act solely in the interest of participants and beneficiaries and with the care, skill, prudence, and diligence of a prudent person familiar with such matters (29 U.S.C. § 1104). A valuation used for plan reporting should be viewed through that fiduciary lens. The question is not only “What number do I believe?” The question is “What process would show prudence if someone later asks how the number was determined?”

Can You Estimate Business Value Yourself for Form 5500?

There is no universal rule that every Form 5500 private-business value must be prepared by an outside appraiser every year. The 2025 Form 5500 instructions state that current value of plan assets must be determined each year, but also state that assets other than certain nonpublicly traded employer securities held in ESOPs are not required to be valued every year by independent third-party appraisers (DOL/IRS/PBGC, 2025a). That sentence is important because it prevents an overclaim: not every private asset in every plan automatically requires an annual independent appraisal.

That does not make DIY valuation low risk. The plan fiduciary still needs a good-faith, supportable value. Schedule H line 4g asks about assets whose value was not readily determinable on an established market and that were not valued by an independent third-party appraiser during the plan year. The instructions explain that the amount reported should be the fair market value of those assets (DOL/IRS/PBGC, 2025a). Schedule I has a similar hard-to-value asset question for small plans. A “Yes” answer is not automatically a violation, but it is a disclosure that the plan held assets without a readily determinable market value and without an independent appraisal for the year.

A self-estimate is more defensible when the business is simple, the plan asset is not material, the plan document permits the process, the fiduciary documents assumptions, and the estimate is reviewed by a qualified adviser. A self-estimate is riskier when the business is material to the plan, the company has complex assets or liabilities, the plan is an ESOP, the structure involves ROBS, participant distributions depend on the value, the business had a major transaction, or the plan expects audit or regulatory review.

In short: self-estimation may be possible in limited circumstances, but it should not be casual. A spreadsheet with no source support, no valuation date, no normalization adjustments, and no reconciliation of methods is weak evidence. A documented valuation memo that follows recognized approaches is stronger. A qualified independent appraisal is often stronger still, especially where the plan’s private company stock is significant.

The Three Main Valuation Approaches

Professional appraisers usually consider three broad approaches: the income approach, the market approach, and the asset-based approach. The IRS Internal Revenue Manual’s business valuation guidelines describe those three generally accepted approaches and explain that professional judgment is used to select the method or methods that best indicate value (IRS, 2020). The same IRS guidance lists factors commonly analyzed in business valuation, including the business history, economic and industry outlook, book value and financial condition, earning capacity, dividend-paying capacity, goodwill or other intangible value, prior sales, the size of the block being valued, and market prices for comparable companies where available (IRS, 2020).

Income Approach

The income approach values a business based on expected future economic benefit. For an operating company, that usually means cash flow, earnings, or another benefit stream. Two common methods are discounted cash flow and capitalization of earnings.

A discounted cash flow analysis projects future cash flows and discounts them to present value using a rate intended to reflect the risk of the business and the time value of money. A capitalization method applies a capitalization rate to a representative earnings or cash flow measure. Both methods require careful judgment. The appraiser must evaluate the company’s historical results, normalize unusual or nonrecurring items, consider owner compensation, account for working capital and capital expenditure needs, and select a discount or capitalization rate that fits the risk profile.

A business owner can misunderstand this approach in several ways. Forecasts may be too optimistic. Owner expenses may be adjusted twice. One-time revenue may be treated as recurring. Debt service may be confused with operating cash flow. A discount rate may be selected from a generic internet source without tying it to the company’s actual risk. For Form 5500 support, assumptions should be written down and connected to evidence.

Market Approach

The market approach looks to prices paid for comparable businesses, publicly traded companies, or prior transactions in the subject company’s stock. The logic is straightforward: if similar companies sell for a certain relationship to earnings, revenue, EBITDA, SDE, or another metric, that relationship can inform the subject company’s value. The hard part is deciding what is truly comparable.

A small private business may not be comparable to public companies that are larger, more diversified, more liquid, and professionally managed. Private transaction databases can be useful, but the data may be limited and may not include all deal terms. A transaction multiple can also reflect synergies, control, seller financing, strategic buyer behavior, or unusual deal structure. A multiple is not a magic answer.

If a market approach is used for Form 5500 support, the file should identify the data source, explain why each comparable is relevant, adjust for known differences where practical, and reconcile the market indication with income and asset-based indications. If no reliable market evidence exists, that limitation should be stated rather than hidden.

Asset-Based Approach

The asset-based approach starts with the company’s assets and liabilities. It can be especially relevant for asset-heavy companies, holding companies, real estate-related businesses, and companies where earnings do not capture the value of underlying assets. It can also provide a reasonableness check for operating companies.

The problem is that accounting book value is not the same as market value. Equipment may be depreciated below its market value or may be obsolete. Inventory may include slow-moving items. Real estate may have appreciated. Intangible assets such as customer relationships, trade names, workforce, software, franchise rights, or goodwill may not appear on the balance sheet at fair value. Liabilities may include contingent obligations not obvious from a trial balance.

A DIY asset-based approach should not simply copy the balance sheet. It should identify major assets, explain adjustments to fair value, address liabilities, and document any external appraisals used for real estate, equipment, or specialized assets. If liquidation value is considered, selling costs, taxes, and timing should be addressed. The approach is useful, but only when applied with care.

ROBS, ESOP, and Employer-Stock Nuance

Employer stock held in a retirement plan requires special caution. ROBS arrangements, ESOPs, and employer-stock 401(k) structures are often discussed together, but they are not the same. Plan documents and facts control.

ROBS arrangements

The IRS describes a rollover as business start-up, or ROBS, as an arrangement in which prospective business owners use retirement funds to pay for new business start-up costs. The IRS states that ROBS arrangements are not classified as abusive tax avoidance transactions, but are questionable because they may benefit one individual who rolls retirement funds into a plan that buys stock of a new C corporation (IRS, 2025b). The IRS also warns that favorable determination letters address plan terms, not whether the sponsor operates the plan correctly (IRS, 2025b).

For ROBS plans, valuation is not a side issue. The IRS ROBS compliance project materials state that IRS contact letters asked about stock valuation and stock purchases, and the IRS ROBS Guidelines memorandum identifies deficient stock valuations as one of the primary issues raised by ROBS arrangements (IRS, 2008; IRS, 2025b). The IRS ROBS page also states that the one-participant Form 5500-EZ filing exception does not apply to a ROBS plan because the plan, through company stock investments, rather than the individual, owns the trade or business (IRS, 2025b).

That last point is easy to miss. A business owner may think, “I am the only person involved, so this is a one-participant plan.” The IRS has taken a different position for ROBS arrangements holding company stock. A ROBS owner should confirm the correct Form 5500-series filing with the plan’s TPA, CPA, and ERISA counsel.

ESOPs

ESOP valuation has a stronger independent-appraiser overlay. Internal Revenue Code section 401(a)(28)(C) provides that a plan meets the requirement if valuations of employer securities that are not readily tradable on an established securities market, with respect to activities carried on by the plan, are by an independent appraiser (26 U.S.C. § 401). The Form 5500 instructions also carve out certain nonpublicly traded employer securities held in ESOPs when discussing the general statement that assets are not required to be independently appraised every year (DOL/IRS/PBGC, 2025a).

The corrected takeaway is not “all employer-stock plans are ESOPs” and not “all private-company plans require the same annual appraisal rule.” The takeaway is that ESOPs and non-readily-tradable employer securities are high-scrutiny valuation areas. If the plan is an ESOP, or if advisers are treating the structure as ESOP-like, the plan should not rely on a casual owner estimate.

Adequate consideration and prohibited-transaction issues

ERISA section 3(18) defines adequate consideration for an asset without a generally recognized market as fair market value determined in good faith by the trustee or named fiduciary under the plan and applicable regulations (29 U.S.C. § 1002(18)). ERISA section 408(e) can provide an exemption for certain acquisitions or sales of qualifying employer securities or qualifying employer real property if conditions are met, including adequate consideration and no commission charged directly or indirectly to the plan for the transaction (29 C.F.R. § 2550.408e).

A valuation report does not by itself solve every ERISA prohibited-transaction issue. It supports the value component. It does not replace plan design review, prohibited-transaction analysis, nondiscrimination testing, securities-law analysis, tax advice, or ERISA legal advice.

Schedule H, Schedule I, and Hard-to-Value Asset Disclosures

One of the live article’s most important topics is Schedule H line 4g. The corrected nuance is as follows.

Schedule H line 4g focuses on assets whose current value was not readily determinable on an established market and that were not valued by an independent third-party appraiser during the plan year. The 2025 instructions provide examples of assets that may not have readily determinable value, including real estate, nonpublicly traded securities, limited partnership shares, and collectibles. The instructions also state that current value of plan assets must be determined each year, but an independent third-party appraisal is not required every year for all assets other than certain nonpublicly traded employer securities held in ESOPs (DOL/IRS/PBGC, 2025a).

For Schedule H, line 4i is a separate schedule-of-assets issue. If the plan had assets held for investment purposes, the instructions may require a schedule of assets held at end of year, a schedule of assets acquired and disposed of within the year, or both, as applicable (DOL/IRS/PBGC, 2025a). Employer securities and other private investments should be classified and disclosed according to the instructions and the plan’s filing software. A sponsor should not treat line 4g, line 4i, and the asset schedules as interchangeable.

Small plans may use Schedule I when eligible. Form 5500-SF has separate eligibility conditions, and the 2025 Form 5500-SF instructions state that a plan eligible for the small-plan audit waiver must hold no employer securities and must be invested in certain secure, easy-to-value assets, among other conditions (DOL/IRS/PBGC, 2025b). That matters for private employer-stock plans because a plan holding employer securities may not fit the short-form route even if it is small.

Common Self-Valuation Mistakes

Using book value as a substitute for market value

Book value is an accounting measure. It may be useful as a starting point, but it rarely answers the Form 5500 valuation question by itself. The instructions call for current value, which means fair market value where available, or good-faith fair value under the plan when fair market value is not available (DOL/IRS/PBGC, 2025a). If the company owns appreciated real estate, depreciated equipment, internally generated goodwill, obsolete inventory, or contingent liabilities, book value may be materially wrong.

Ignoring the subject interest

The value of a 100 percent controlling interest is not necessarily the same as the value of a minority interest. A plan might own all of the company, a majority block, or a minority block. Discounts for lack of control or lack of marketability may need to be considered depending on the subject interest, governing standard of value, plan terms, and facts. If the plan owns 100 percent of the company, control and marketability issues may be analyzed differently than if the plan owns a small, illiquid block.

Using generic multiples without support

A multiple found online does not automatically apply to a specific business. Multiples vary by industry, size, growth, margins, customer concentration, management depth, asset intensity, working capital needs, and risk. A market multiple should be tied to identified comparables or transaction data, with limitations disclosed. If a multiple is only a rough reasonableness check, say so.

Forecasting without normalization

A business valuation normally considers normalized earnings or cash flow. One-time gains, nonrecurring expenses, discretionary owner expenses, market compensation, related-party rent, unusual working capital, and capital expenditure needs may all affect value. A DIY forecast that simply extends last year’s income statement can miss these issues.

Treating valuation as tax planning

The valuation should not be manipulated to reach a desired tax, contribution, distribution, or reporting result. ERISA fiduciary process and Form 5500 reporting require a supportable number. If the same business also needs a valuation for gift tax, estate tax, 409A, ASC 718, SBA lending, divorce, buy-sell, or transaction planning, the purpose, standard of value, valuation date, subject interest, and report scope may differ.

When a Professional Valuation Is the Safer Route

A professional valuation is often the better choice when the private company interest is material to the plan, the plan holds employer securities, the company has meaningful goodwill or intangible assets, there were major changes during the year, participant distributions depend on the value, the plan is an ESOP, the structure is ROBS-related, or the plan sponsor expects audit, TPA, CPA, DOL, or IRS scrutiny.

A qualified appraiser does not remove fiduciary responsibility. The fiduciary still must select the appraiser prudently, provide accurate information, understand the report at a high level, ask questions when assumptions look wrong, and keep the report with plan records. The value of an independent report is that it documents methods, assumptions, adjustments, market evidence, reconciliation, and a conclusion of value. It also creates a record showing that the sponsor did not simply choose a convenient number.

For many small business owners, cost is a real concern. Traditional valuation reports can be expensive, especially when the assignment includes complex securities, litigation, expert testimony, large multi-entity groups, or specialized asset appraisals. But Form 5500 and ROBS valuation support usually fails when the sponsor tries to save money by using an unsupported estimate for a material plan asset. The cost comparison should include the cost of later correction, amended filings, professional cleanup, participant disputes, audit questions, or ERISA counsel involvement.

Practical Workflow for a Supportable Form 5500 Business Value

Use this workflow as a planning checklist, not as legal advice.

1. Confirm the plan type and filing route. Determine whether the plan files Form 5500, Form 5500-SF, Form 5500-EZ, Schedule H, Schedule I, or another schedule package. Confirm with the TPA or adviser.

2. Identify the exact asset. State whether the plan holds C corporation stock, LLC interests, partnership interests, employer securities, ESOP shares, ROBS-related stock, a promissory note, or another asset.

3. Identify the subject interest. Record the number of shares or units, percentage ownership, voting rights, restrictions, transfer limitations, and whether the interest is controlling or noncontrolling.

4. Set the valuation date. Form 5500 reporting generally focuses on beginning and end-of-year asset values. The valuation date should align with the plan year and filing instructions.

5. Gather financial information. Collect tax returns, financial statements, balance sheets, debt schedules, payroll details, owner compensation, fixed asset lists, inventory reports, customer concentration data, and major contracts.

6. Consider all three valuation approaches. Document why income, market, and asset-based approaches were used or rejected. The IRS business valuation guidelines describe the three generally accepted approaches and expect professional judgment in method selection (IRS, 2020).

7. Normalize earnings and assets. Adjust for nonrecurring items, related-party transactions, unusual owner compensation, obsolete inventory, nonoperating assets, and contingent liabilities where appropriate.

8. Reconcile the methods. A supportable valuation should explain why one indication is more reliable than another. Do not average numbers mechanically without explanation.

9. Document limitations. If market data is sparse, financial statements are unaudited, or asset appraisals are unavailable, state the limitation and explain how it affected the analysis.

10. Keep the record. Retain the valuation report, valuation memo, supporting spreadsheets, source documents, appraiser engagement letter, adviser correspondence, and final filed forms.

11. Review before filing. Compare the valuation report or memo to the Form 5500 schedules. Make sure the reported asset category, value, date, and hard-to-value disclosures are consistent.

12. Revisit annually. The Form 5500 instructions state that current value of plan assets must be determined each year (DOL/IRS/PBGC, 2025a). That does not mean a full independent appraisal is required in every case, but it does mean the prior-year value should not be copied forward without analysis.

How Simply Business Valuation Can Help

Simply Business Valuation provides small-business valuation reports designed to give owners and advisers a documented value conclusion at a practical cost. For ROBS and Form 5500-related situations, SBV can help business owners assemble financial data, identify the subject interest, apply recognized valuation methods, and produce a valuation report that supports the plan’s recordkeeping and reporting process.

For ROBS topics, SBV’s service should be described precisely: Simply Business Valuation offers a $399 flat fee for a standard ROBS valuation report for Form 5500-related plan asset reporting support, regardless of business complexity, subject to the stated report scope and exclusions. The fee does not include preparing or filing Form 5500, tax advice, ERISA legal advice, plan correction work, audit defense, expert testimony, litigation support, separate real estate or equipment appraisals, or transaction advisory services unless separately agreed in writing.

A valuation report supports the value conclusion. It does not certify legal compliance, agency acceptance, audit results, or penalty outcomes. Those are different issues for the plan’s TPA, CPA, auditor, and ERISA counsel.

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Frequently Asked Questions

1. What is Form 5500?

Form 5500 is an annual return/report used by many employee benefit plans to report plan information, including financial condition, investments, and operations. The IRS states that employers or plan administrators generally file Form 5500 for pension or welfare benefit plans covered by ERISA, and that it reports information on the plan’s qualification, financial condition, investments, and operations (IRS, 2025a).

2. Why does business valuation matter for Form 5500?

Business valuation matters when the plan holds private company stock, employer securities, ROBS-related stock, or another asset without a readily determinable market value. The Form 5500 instructions require current values for plan assets. Current value means fair market value where available, or good-faith fair value under the plan when fair market value is not available (DOL/IRS/PBGC, 2025a).

3. Can I use book value for Form 5500?

Book value can be a starting point, but it is usually not enough by itself. Book value may omit goodwill, customer relationships, appreciated assets, obsolete inventory, contingent liabilities, and other fair-value adjustments. The filing should be based on current value, not simply accounting cost.

4. Does every private-company plan asset need an independent appraisal every year?

No. The 2025 Form 5500 instructions state that current value must be determined each year, but that there is no requirement for assets, other than certain nonpublicly traded employer securities held in ESOPs, to be valued every year by independent third-party appraisers (DOL/IRS/PBGC, 2025a). However, the absence of a universal rule does not make an unsupported internal estimate prudent.

5. What does Schedule H line 4g mean?

Schedule H line 4g asks about assets whose value was not readily determinable on an established market and that were not valued by an independent third-party appraiser during the plan year. A “Yes” answer is a disclosure, not an automatic violation. But it means the sponsor should have documentation showing how the current value was determined.

6. Is a ROBS plan exempt from Form 5500 because it is a one-owner business?

The IRS ROBS compliance project page states that the one-participant filing exception does not apply to a ROBS plan because the plan, through company stock investments, rather than the individual, owns the trade or business. The IRS states that the annual Form 5500 is still required in that situation (IRS, 2025b). ROBS owners should confirm the correct filing with their TPA, CPA, and ERISA counsel.

7. Is a ROBS valuation report the same as legal approval of the ROBS structure?

No. A valuation report supports the stock value or business value used in plan records and reporting. It does not approve plan design, prohibited-transaction treatment, nondiscrimination compliance, securities compliance, or tax filing positions. Those issues require plan, tax, and legal advisers.

8. Are ESOP valuations different?

Yes. ESOPs have special valuation rules and fiduciary scrutiny. Internal Revenue Code section 401(a)(28)(C) addresses use of an independent appraiser for valuations of employer securities that are not readily tradable on an established securities market with respect to plan activities (26 U.S.C. § 401). ESOP sponsors should use advisers who regularly handle ESOP valuation and fiduciary process.

9. What happens if the value is wrong?

There is not a simple automatic penalty for every valuation error. Consequences depend on the facts. A bad value may require corrected plan records, amended filings, participant corrections, audit responses, tax corrections, or fiduciary review. If a value was manipulated or unsupported, the risk increases. A good-faith documented process helps reduce that risk.

10. Should I choose a lower value to be conservative?

No. The goal is a supportable value, not a convenient low or high value. A value that is too low can harm participants or understate plan assets. A value that is too high can overstate assets or create contribution, distribution, or transaction problems. Professional conservatism means careful support for assumptions, not intentional understatement.

11. What records should I keep?

Keep the valuation report or valuation memo, source financial statements, tax returns, asset lists, capitalization tables, ownership documents, assumptions, comparable data, correspondence with the appraiser or adviser, and copies of filed forms and schedules. The record should allow a reviewer to understand how the value was determined.

12. When should I get a professional valuation?

Get professional valuation help when the plan-owned business interest is material, the plan holds employer securities, the structure is ROBS-related, the plan is an ESOP, distributions depend on value, the business changed materially, the company has complex assets or liabilities, or the TPA, CPA, auditor, or counsel asks for independent support.

References

• Cornell Legal Information Institute. (n.d.). 26 U.S.C. § 401, Qualified pension, profit-sharing, and stock bonus plans. https://www.law.cornell.edu/uscode/text/26/401
• Cornell Legal Information Institute. (n.d.). 29 C.F.R. § 2550.408e, Statutory exemption for acquisition or sale of qualifying employer securities and qualifying employer real property. https://www.law.cornell.edu/cfr/text/29/2550.408e
• Cornell Legal Information Institute. (n.d.). 29 U.S.C. § 1002, Definitions, including adequate consideration. https://www.law.cornell.edu/uscode/text/29/1002
• Cornell Legal Information Institute. (n.d.). 29 U.S.C. § 1104, Fiduciary duties. https://www.law.cornell.edu/uscode/text/29/1104
• Internal Revenue Service. (2008). Guidelines regarding rollovers as business start-ups. https://www.irs.gov/pub/irs-tege/robs_guidelines.pdf
• Internal Revenue Service. (2020). Internal Revenue Manual 4.48.4, Business valuation guidelines. https://www.irs.gov/irm/part4/irm_04-048-004
• Internal Revenue Service. (2025a). Form 5500 corner. https://www.irs.gov/retirement-plans/form-5500-corner
• Internal Revenue Service. (2025b). Rollovers as business start-ups compliance project. https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project
• U.S. Department of Labor, Internal Revenue Service, & Pension Benefit Guaranty Corporation. (2025a). 2025 instructions for Form 5500 annual return/report of employee benefit plan. https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2025-instructions.pdf
• U.S. Department of Labor, Internal Revenue Service, & Pension Benefit Guaranty Corporation. (2025b). 2025 instructions for Form 5500-SF short form annual return/report of small employee benefit plan. https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2025-sf-instructions.pdf