The IRS and Treasury are seeking comments concerning the way the Form 5500-EZ is filed. The IRS says that it plans to make the Form 5500-EZ available on the EFAST2 for direct electronic filing instead of using Form 5500-SF.
The Forms 5500 and 5500-SF are filed electronically through the web-based EFAST2 system; the Form 5500-EZ is filed on paper with the IRS or by answering questions on Form 5500-SF, which is filed electronically through EFAST2. But even if it can be filed electronically, the Form 5500-EZ would still be available to be filed on paper with the IRS.
The IRS and Treasury seek comments on:
- whether the collection of information is necessary for the proper performance of the IRS’ functions, including whether the information is useful;
- the accuracy of the agency's estimate of how burdensome it is to complete and file the Form 5500-EZ;
- ways to enhance the quality, utility and clarity of the information to be collected;
- ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology; and
- estimates of capital or start-up costs and costs of operation, maintenance and purchase of services to provide information.
The IRS and Treasury will accept written comments through July 8, 2019. Written comments are to be sent to Laurie Brimmer, IRS, Room 6526, 1111 Constitution Avenue, NW, Washington, DC, 20224.
The Form 5500-EZ is an annual return one-participant retirement plans or foreign plans file to satisfy certain annual reporting and filing requirements. The IRS uses this data to determine if the plan is operating properly or should be audited.
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