IRS Compliance Questions

by | May 10, 2016 | Institutional Services

The IRS announced that, since proposed 2015 IRS compliance questions on Forms 5500 and 5500-SF and Schedules H, I, and R were not approved by the Office of Management and Budget prior to publication of the forms in December, these questions should not be answered for the 2015 plan year.

The questions have been added to existing schedules to Form 5500, and address the following:

Schedules H and I:

  • The plan’s unrelated business taxable income (UBTI)
  • In-service distributions
  • Identity of plan’s trustee or custodian

Schedule R:

  • Nondiscrimination testing and methodology
  • Plan amendments to address recent tax law changes
  • Plan’s domicile

Nevertheless, sponsors may want to review the questions now so they can take steps to prepare for next year, when the new questions may be required.

Some could involve time-consuming documentation or internal analyses that would need to be started in advance.

To access the 2015 Form 5500, which includes the questions, visit https://www.dol.gov/ebsa/forms.html.

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