DOL and IRS recently posted the new 2015 Form 5500, Form 5500-SF, and a draft of the 2015 Form 5500-EZ. Of significance is the “IRS Compliance Questions” added to the various forms and schedules:
- Schedules H and I add two new compliance questions about unrelated business taxable income and in-service distributions.
- Schedule R adds ten new compliance questions in five areas: (1) ADP and ACP testing; (2) coverage testing and plan aggregation; (3) recently adopted plan amendments; (4) the type of plan (whether individually designed or preapproved); and (5) plans maintained in U.S. territories.
- Form 5500-SF adds the above compliance questions and one additional question about whether required minimum distributions were properly made to 5% owners who are still employed and are were 70-1/2 or older.
- Form 5500-EZ adds most of the above questions, except the testing and coverage questions, which do not apply to single person plans.
2015 Form 5500 series and Instructions
Draft 5500-EZ and Instructions
