January 23, 2019
The IRS recently released the final 2018 IRS Form 5500-EZ. Though not much has changed, the 2018 form has an updated name to match the purpose of the form to include both a one-participant retirement plan and a foreign plan. The form name is now the “Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan.” There was also an update to the plan characteristics codes for Line 8 (Part IV) to reflect the IRS changes for the pre-approved plans.
As background, IRS Form 5500-EZ is an annual filing requirement for retirement plans that are either a one-participant plan or a foreign plan. Form 5500-EZ is used by one-participant plans that are not subject to the requirements of IRC Section 104(a) and that are not eligible or choose not to file Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, electronically to satisfy certain annual reporting and filing obligations imposed by the Code.
Applicable plan sponsors must file a Form 5500-EZ on or before the last day of the seventh month after their plan year ends. As a result, calendar-year plans generally must file by July 31 of this year (reporting for the 2018 plan year). Plans may request a two-and-a-half month filing extension by submitting a Form 5558, “Application for Extension of Time to File Certain Employee Plan Returns,” by the plan’s original due date.
Need help filing? We have vendors available to assist. Please ask your advisor for assistance.
Form 5500-EZ » Instructions for Form 5500-EZ » Form 5558 »