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New IRS Announcement Regarding Compliance Questions on Form 5500

by | Mar 3, 2016 | Uncategorized

We wanted to make you aware of a new IRS announcement regarding Employee Benefit Plan Audits. The IRS has added new compliance questions to the 2015 Form 5500 and supplemental schedules.  When the forms were published, the IRS stated the new questions were optional for the 2015 plan year, but encouraged plan sponsors to complete them.

Recently, the IRS reversed its original recommendation. Now, plan sponsors should not answer the questions for 2015 because the form and schedules were not approved by the Office of Management and Budget before they were published.

The announcement can be found here on the IRS website https://www.irs.gov/Retirement-Plans/IRS-Compliance-Questions-on-the-2015-Form-5500-Series-Returns

Please contact us if you have any questions about the announcement or if we can assist you with your employee benefit plan audit.

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