April 6, 2016

IRS Requests Paperwork Burden Comments on New Questions for 2016 Form 5500

To satisfy Paperwork Act Requirements, the Internal Revenue Service (IRS) has asked for comments on a number of questions proposed for inclusion on Schedules H and R of the 2016 Form 5500 (Annual Return/Report of Employee Benefit Plan).

These are the questions that appeared on the 2015 Schedules H and R — first described in a joint release by the IRS, the Department of Labor and the Pension Benefit Guaranty Corporation as voluntary for 2015 rather than required, only later to be described by the IRS as “not to be answered.” See Sibson’s recent Hot Topic

At this time, as part of the formal approval process for these questions, the IRS is requesting comments on the paperwork burden of the changes for 2016. The request includes 2016 approval and, in many cases, simplification of the questions that were not to be answered on the 2015 Form 5500. The paperwork submission also eliminates two of the questions — one dealing with whether the plan’s trust incurred unrelated business taxable income and the other asking whether the plan was maintained in a U.S. Territory.

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