IRS: Don’t Answer All the 5500 Questions!

The 2015 Form 5500 added some new optional compliance questions for the 2015 Forms 5500 and 5500-SF. In December 2015, the IRS issued frequently asked questions on the new compliance questions and strongly encouraged plan sponsors to answer the questions.

On February 18, the IRS changed course and announced that plan sponsors should not complete the compliance questions on the 2015 Form 5500 and Form 5500-SF and related schedules because the questions were not approved by the Office of Management and Budget before the forms were published.

For additional information including a list of the questions that may be skipped on the Forms 5500 and 5500-SF, please go to https://www.irs.gov/Retirement-Plans/IRS-Compliance-Questions-on-the-2015-Form-5500-Series-Returns.