IRS Releases Draft Form 5500-EZ
The IRS has released a draft of the Form 5500-EZ to be used for 2014 reporting. It is used by one-participant retirement plans not subject to ERISA Section 104 reporting requirements and that are not eligible or choose not to file Form 5500-SF.
The draft is only for information purposes — it cannot be filed. Nonetheless, the draft provides an advance look at what the version to be used for filing probably will contain and require.
The federal government generally does not release draft forms until it has incorporated all changes to be made, but it is possible that the IRS and/or the U.S. Department of Labor may make further changes to the form before releasing the version to be used for 2014 information reporting. And the IRS is accepting comments on the 2014 draft Form 5500-EZ.
The Office of Management and Budget must approve the draft of the form before the government can release a final version to be used for filing.