Compliance September 2, 2020

IRS Requesting Comments on Form 5500

There are two proposed changes and the IRS also wants comments about the obligation of filing.

Reported by

The IRS is soliciting comments concerning the Form 5500 Annual Return/Report of Employee Benefit Plan.

Proposed changes include adding a new checkbox to Form 5500, Form 5500-SF and Form 5500-EZ for an initial plan retroactively adopted as permitted by the Setting Every Community Up for Retirement Enhancement (SECURE) Act Section 201 and adding checkboxes for requesting an extension of time.

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Comments are also invited on:

  • whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility;
  • the accuracy of the agency’s estimate of the burden of the collection of information;
  • ways to enhance the quality, utility and clarity of the information to be collected;
  • ways to minimize the burden of the collection of information or other forms of information technology (IT); and
  • estimates of capital or startup costs and costs of operation, maintenance and purchase of services to provide information.

The comment period is 60 days.

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