The IRS has made available the updated Form 5500-EZ and its instructions for 2015 reporting. The form and instructions replace the version the IRS had made available Feb. 18.
New for 2015 Reporting
The IRS made the following changes to the Form 5500-EZ for 2015 reporting.
Participant Information. Questions on line 6 have been split and added for active participants and number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested.
IRS Compliance Questions. The IRS added new compliance questions to lines 13 through 16. The IRS has decided not to require plan sponsors to complete these questions for the 2015 plan year, and plan sponsors should skip these questions when completing the form. This action follows a similar IRS announcement concerning compliance questions the IRS had added to the Forms 5500 and 5500-SF, and to Schedules H, I and R for the 2015 plan year; the IRS announced in February that filers of those forms should skip those questions.
IRS Late Filer Penalty Relief Program. If the Form 5500-EZ is being filed under the late filer penalty relief program, the applicant must print in red letters in the top margin above the form’s title on the first page of the return: “Delinquent Return Submitted under Rev. Proc. 2015-32, Eligible for Penalty Relief.” Each submission must include a completed paper copy of Form 14704, Transmittal Schedule – Form 5500-EZ Delinquent Filer Penalty Relief Program (Revenue Procedure 2015-32). The completed Form 14704 must be attached to the front of the oldest delinquent return in the submission. Form 14704 can be found here.
New for 2015 Reporting
The IRS made the following changes to the Form 5500-EZ for 2015 reporting.
Participant Information. Questions on line 6 have been split and added for active participants and number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested.
IRS Compliance Questions. The IRS added new compliance questions to lines 13 through 16. The IRS has decided not to require plan sponsors to complete these questions for the 2015 plan year, and plan sponsors should skip these questions when completing the form. This action follows a similar IRS announcement concerning compliance questions the IRS had added to the Forms 5500 and 5500-SF, and to Schedules H, I and R for the 2015 plan year; the IRS announced in February that filers of those forms should skip those questions.
IRS Late Filer Penalty Relief Program. If the Form 5500-EZ is being filed under the late filer penalty relief program, the applicant must print in red letters in the top margin above the form’s title on the first page of the return: “Delinquent Return Submitted under Rev. Proc. 2015-32, Eligible for Penalty Relief.” Each submission must include a completed paper copy of Form 14704, Transmittal Schedule – Form 5500-EZ Delinquent Filer Penalty Relief Program (Revenue Procedure 2015-32). The completed Form 14704 must be attached to the front of the oldest delinquent return in the submission. Form 14704 can be found here.
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