Proposed Collection; Comment Request for the Annual Return/Report of Employee Benefit Plan, 55077-55078 [2020-19449]
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Federal Register / Vol. 85, No. 172 / Thursday, September 3, 2020 / Notices
[FR Doc. 2020–19532 Filed 9–2–20; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for the Annual Return/Report
of Employee Benefit Plan
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service
(IRS), as part of its continuing effort to
reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to take this
jbell on DSKJLSW7X2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
16:51 Sep 02, 2020
Jkt 250001
opportunity to comment on information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
the Annual Return/Report of Employee
Benefit Plan.
DATES: Written comments should be
received on or before November 2, 2020
to be assured of consideration.
ADDRESSES: Direct all written comments
to Kinna Brewington, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the forms and instructions
should be directed to Martha R. Brinson,
at (202) 317–5753, or at Internal
Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington,
DC 20224, or through the internet at
Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Annual Return/Report of
Employee Benefit Plan.
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
OMB Number: 1545–1610.
Form Number: 5500 and Schedules.
Abstract: The Annual Return/Report
of Employee Benefit Plan is an annual
information return filed by employee
benefit plans. The IRS uses this
information for a variety of matters,
including ascertainment whether a
qualified retirement plan appears to
conform to requirements under the
Internal Revenue Code or whether the
plan should be audited for compliance.
Form 5500–EZ (OMB Number: 1545–
0956) is an annual return filed by a one
participant (owners/partners and their
spouses) retirement plan or a foreign
plan to satisfy certain annual reporting
and filing requirements imposed by the
Internal Revenue Code (Code). The IRS
uses this data to determine if the plan
appears to be operating properly as
required under the Code or whether the
plan should be audited.
Current Actions:
E:\FR\FM\03SEN1.SGM
03SEN1
EN03SE20.003</GPH>
Dated: August 7, 2020.
Andrea Gacki,
Director, Office of Foreign Assets Control,
U.S. Department of the Treasury.
55077
55078
Federal Register / Vol. 85, No. 172 / Thursday, September 3, 2020 / Notices
IRS PROPOSED CHANGES TO THE 2021 FORM 5500S AND INSTRUCTIONS PER SECURE ACT 201
Proposed changes
Apply to form/
schedule
Authority
Reasons for changes
Adding a new checkbox to Form
5500, 5500–SF, and Form
5500–EZ for an initial plan retroactively adopted as permitted by
SECURE Act section 201.
Form 5500, Part
I.
5500–SF, Part I
5500–EZ, Part I
SECURE Act
201.
IRC 6058(a) ......
401(b) ................
• Section 201 of the Setting Every Community Up for Retirement
Enhancement Act of 2019 (SECURE Act), Public Law 116–94,
amends IRC section 401(b) to allow an employer who adopts a
retirement plan after the close of a taxable year but before the
due date of filing its return for the taxable year (including extensions) to treat the plan as having been adopted as of the last day
of the taxable year.
• IRC Section 6058(a) requires every employer who maintains a retirement plan to file an annual return stating such information with
respect to the qualification, financial condition, and operation of
the plan as provided by the Secretary.
• To implement the changes made by the SECURE Act, IRS proposes adding a new checkbox to Form 5500s for a plan sponsor
if the annual return is being filed for an initial plan retroactively
adopted pursuant to SECURE Act section 201. However, IRS requires an initial annual return only for a plan that has participants
and plan assets as of the end of the initial plan year.
Form 5500–EZ,
Part I.
IRC 6081 7508A
• A plan can get an extension of time to file a Form 5500 using the
Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, or using the employer’s extension of time to
file its federal income tax return if certain conditions are met; or
using a special extension as the IRS may announce under certain
circumstances, such as an extension for Presidentially declared
disasters authorized in IRC 7508A.
• Accordingly, there are three checkboxes for extension of time on
Form 5500 and Form 5500–SF. There is only one extension of
time checkbox on the current Form 5500–EZ.
• Our proposal can mirror Part I of the Form 5500 and Form 5500–
SF because Form 5500–EZ filers can no longer use Form 5500–
SF beginning in the 2020 plan year.
• The proposed change will streamline the plan sponsors’ ability to
identify the correct extension for which they are applying, and be
consistent with Form 5500 and Form 5500–SF.
If this is a retroactively adopted
plan permitted by SECURE Act
section 201, check here b
Revise Form 5500–EZ Part IB,
Checkbox for an extension of
time.
jbell on DSKJLSW7X2PROD with NOTICES
B. Check box if filing under
b Form 5558 b automatic extension
b special extension (enter description)
Type of Review: Revision of a
currently approved collection.
Affected Public: Business or other for
profit organizations, individuals and
households, not-for profit institutions,
and farms.
Estimated Number of Respondents:
923,800.
Estimated Time Per Respondent: 1 hr.,
34 mins.
Estimated Total Annual Burden
Hours: 1,451,543.
The following paragraph applies to all
of the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
VerDate Sep<11>2014
16:51 Sep 02, 2020
Jkt 250001
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. Comments
will be of public record. Comments are
invited on: (a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information has practical utility; (b) the
accuracy of the agency’s estimate of the
burden of the collection of information;
(c) ways to enhance the quality, utility,
and clarity of the information to be
collected; (d) ways to minimize the
burden of the collection of information
on or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
Approved: August 27, 2020.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2020–19449 Filed 9–2–20; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–0004]
Agency Information Collection Activity
under OMB Review: Application for
DIC, Death Pension, and/or Accrued
Benefits; Application for Dependency
and Indemnity Compensation by a
Surviving Spouse or Child; Application
for Dependency and Indemnity
Compensation
Veterans Benefits
Administration, Department of Veterans
Affairs.
AGENCY:
E:\FR\FM\03SEN1.SGM
03SEN1
]]>Agencies
[Federal Register Volume 85, Number 172 (Thursday, September 3, 2020)]
[Notices]
[Pages 55077-55078]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19449]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for the Annual Return/Report
of Employee Benefit Plan
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Internal Revenue Service (IRS), as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning the Annual Return/
Report of Employee Benefit Plan.
DATES: Written comments should be received on or before November 2,
2020 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the forms and instructions should be directed to Martha R.
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW, Washington, DC 20224, or through the
internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Annual Return/Report of Employee Benefit Plan.
OMB Number: 1545-1610.
Form Number: 5500 and Schedules.
Abstract: The Annual Return/Report of Employee Benefit Plan is an
annual information return filed by employee benefit plans. The IRS uses
this information for a variety of matters, including ascertainment
whether a qualified retirement plan appears to conform to requirements
under the Internal Revenue Code or whether the plan should be audited
for compliance. Form 5500-EZ (OMB Number: 1545-0956) is an annual
return filed by a one participant (owners/partners and their spouses)
retirement plan or a foreign plan to satisfy certain annual reporting
and filing requirements imposed by the Internal Revenue Code (Code).
The IRS uses this data to determine if the plan appears to be operating
properly as required under the Code or whether the plan should be
audited.
Current Actions:
[[Page 55078]]
IRS Proposed Changes to the 2021 Form 5500s and Instructions Per SECURE Act 201
----------------------------------------------------------------------------------------------------------------
Proposed changes Apply to form/schedule Authority Reasons for changes
----------------------------------------------------------------------------------------------------------------
Adding a new checkbox to Form 5500, Form 5500, Part I..... SECURE Act 201........ Section 201 of the
5500-SF, and Form 5500-EZ for an 5500-SF, Part I....... IRC 6058(a)........... Setting Every Community Up
initial plan retroactively adopted 5500-EZ, Part I....... 401(b)................ for Retirement Enhancement
as permitted by SECURE Act section Act of 2019 (SECURE Act),
201. Public Law 116-94, amends
IRC section 401(b) to
allow an employer who
adopts a retirement plan
after the close of a
taxable year but before
the due date of filing its
return for the taxable
year (including
extensions) to treat the
plan as having been
adopted as of the last day
of the taxable year.
IRC Section
6058(a) requires every
employer who maintains a
retirement plan to file an
annual return stating such
information with respect
to the qualification,
financial condition, and
operation of the plan as
provided by the Secretary.
To implement the
changes made by the SECURE
Act, IRS proposes adding a
new checkbox to Form 5500s
for a plan sponsor if the
annual return is being
filed for an initial plan
retroactively adopted
pursuant to SECURE Act
section 201. However, IRS
requires an initial annual
return only for a plan
that has participants and
plan assets as of the end
of the initial plan year.
If this is a retroactively adopted
plan permitted by SECURE Act
section 201, check here [ballot]
Revise Form 5500-EZ Part IB, Form 5500-EZ, Part I.. IRC 6081 7508A........ A plan can get an
Checkbox for an extension of time. extension of time to file
a Form 5500 using the Form
5558, Application for
Extension of Time To File
Certain Employee Plan
Returns, or using the
employer's extension of
time to file its federal
income tax return if
certain conditions are
met; or using a special
extension as the IRS may
announce under certain
circumstances, such as an
extension for
Presidentially declared
disasters authorized in
IRC 7508A.
Accordingly, there
are three checkboxes for
extension of time on Form
5500 and Form 5500-SF.
There is only one
extension of time checkbox
on the current Form 5500-
EZ.
Our proposal can
mirror Part I of the Form
5500 and Form 5500-SF
because Form 5500-EZ
filers can no longer use
Form 5500-SF beginning in
the 2020 plan year.
The proposed
change will streamline the
plan sponsors' ability to
identify the correct
extension for which they
are applying, and be
consistent with Form 5500
and Form 5500-SF.
B. Check box if filing under
[ballot] Form 5558 [ballot]
automatic extension
[ballot] special extension (enter
description)
----------------------------------------------------------------------------------------------------------------
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for profit organizations,
individuals and households, not-for profit institutions, and farms.
Estimated Number of Respondents: 923,800.
Estimated Time Per Respondent: 1 hr., 34 mins.
Estimated Total Annual Burden Hours: 1,451,543.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval.
Comments will be of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information has
practical utility; (b) the accuracy of the agency's estimate of the
burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
ways to minimize the burden of the collection of information on or
other forms of information technology; and (e) estimates of capital or
start-up costs and costs of operation, maintenance, and purchase of
services to provide information.
Approved: August 27, 2020.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2020-19449 Filed 9-2-20; 8:45 am]
BILLING CODE 4830-01-P
