After filing Form 5500 for a client's health insurance plan, we received a correction from the insurance provider informing us that when they sent us the information for Schedule A, they overstated the commissions paid (they doubled them in error). How crucial is it to re-file Form 5500 correcting this error? I hate to incur additional expense for the client if the information is only used for statistical purposes. The plan has 200 participants and the actual commissions were $11,000 instead of $22,000 as reported.

Not as crucial as refrigerating the Thanksgiving turkey before making sandwiches the next day, but more crucial than staying awake for the Atlanta/Detroit blowout.

Personally, I probably wouldn't file an amended return, but I may not be a reliable source as I have developed some animosity toward Schedule A over the past several years.

One other thought is that the "additional expense" may be negligible as all that is required is to change a few boxes in your 5500 software, reprint, sign and mail. (Only the Form 5500 and Schedule A would be required in the amended filing.)