Compliance September 2, 2020

IRS Requests Comments on Form 5500 Changes/Obligation

There are two proposed changes, and comments are also requested about ways to enhance the information collected and to minimize the burden of the collection of information.

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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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