IRS Releases Draft 2015 Form 5500-EZ

By ASPPA Net Staff • August 27, 2015 • 0 Comments
The IRS on Aug. 25 released a draft version of the Form 5500-EZ to be used in benefit plan reporting concerning 2015. The draft is for informational purposes only, however; it is not to be used for reporting.

The IRS revised it to require reporting the number of active participants at the beginning and end of the year, as well as the number of participants who terminated with less than 100% vesting.

The IRS also added the following questions at the end of the form:

13a. Has the plan been timely amended for all required tax law changes?

13b. Date the last plan amendment/restatement for the required law changes was adopted (MM/DD/YYYY). Enter the applicable code.

13c. If the employer is an adopter of a pre-approved master and prototype (M&P), or volume submitter plan that is subject to a favorable IRS opinion or advisory letter, enter the date of that favorable letter (MM/DD/YYYY) and the letter's serial number.

13d. If the plan is an individually designed plan and received a favorable determination letter from the IRS, enter the date of the plan's last favorable determination letter (MM/DD/YYYY).

14. Were required minimum distributions made to 5% owners who have attained age 70½ (regardless of whether or not retired) as required under section 401(a)(9)?

15. Did the plan trust incur unrelated business taxable income? If “Yes,” enter amount.

16. Were in-service distributions made during the plan year? If “Yes,” enter amount.

The IRS will accept comments on the draft form. To make a comment, click here.