By Joshua A. Diveley
The IRS has instructed employers to disregard various compliance questions included on the “final” version of the 5500 forms and instructions released in late 2015 by the DOL. Among others, the questions no longer requiring answers address topics including:
– Recent plan amendments
– Coverage testing
– ADP/ACP testing
– In-service distributions
– Unrelated business taxable income
– Paid preparer information
The updated guidance was required due to the questions not being approved for use with 2015 filings by the Office of Management and Budget. Employers and practitioners are encouraged not to complete the questions for 2015 filings, however, doing so will not cause the filings to be rejected. Corrective instructions from the DOL and IRS have been issued, but the forms continue to contain the questions to be disregarded.
For the IRS press release, see: https://www.irs.gov/Retirement-Plans/IRS-Compliance-Questions-on-the-2015-Form-5500-Series-Returns.
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