[29744]
March 3, 2016
TO: PENSION MEMBERS No. 7-16BANK, TRUST AND RETIREMENT ADVISORY COMMITTEE No. 7-16 RE: IRS INSTRUCTS FILERS TO SKIP NEW COMPLIANCE QUESTIONS ON 2015 FORM 5500
The Internal Revenue Service recently announced that when completing Form 5500 for 2015, plan sponsors should not answer certain new compliance questions that were added to the Form 5500 series returns, including Schedules H, I and R. In 2014, the IRS had proposed changes to the plan year 2015 Form 5500 series returns, including a number of new tax law compliance questions. After several commenters expressed concern, IRS announced in late 2015 that responses to the new compliance questions would be optional for the 2015 plan year, although responses were strongly encouraged. [1] Last week, IRS announced the latest change on its website, listing by schedule and line number which questions should be skipped. [2]
Shannon Salinas
Assistant General Counsel - Retirement Policy
endnotes
[1] IRS had also posted answers to certain frequently asked questions (FAQs) regarding the new tax law compliance questions. See Memorandum to Pension Members No. 39-15 and Bank, Trust and Retirement Advisory Committee No. 42-15 [29594], dated December 23, 2015.
[2] The announcement is available here: https://www.irs.gov/Retirement-Plans/IRS-Compliance-Questions-on-the-2015-Form-5500-Series-Returns.