IRS Requests Comments on Form 5500-EZ Filing Process

May 14, 2019

On May 8, 2019, the IRS published a request for information, titled “Comment Request for the Annual Return/Report of Employee Benefit Plan,” in the federal register. The request for comments relates to the method in which Form 5500-EZ is filed; the IRS is proposing to make Form 5500-EZ available on the EFAST2 system for direct electronic filing rather than using Form 5500-SF. Either way, Form 5500-EZ could still be filed via paper copy.

As background, Form 5500-EZ is an annual return filed by a one-participant (owners/partners and their spouses) retirement plan or a foreign plan to satisfy the Form 5500 filing requirement. While Forms 5500 and 5500-SF are generally filed electronically through the web-based EFAST 2 system, Form 5500-EZ is generally filed by paper with the IRS or through answering questions on Form 5500-SF itself (also filed electronically via EFAST2).

According to the request, the IRS is seeking comments on a few things. Specifically, they are soliciting comments on:

  • Whether the collection of information is necessary for the proper performance of the functions of the IRS, including whether the information has practical utility
  • The accuracy of the agency’s estimate of the burden of the collection of the information on Form 5500-EZ
  • Ways to enhance quality, utility, and clarity of the information collection
  • Ways to minimize the burden of the collection information on respondents, including through the use of automated collection techniques or other forms of technology
  • Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information

Employers are not required to respond — this is merely the IRS requesting comments relating to Form 5500-EZ. Comments should be submitted to the IRS on or before July 8, 2019.

IRS Request for Comment »