Form 5500 is an annual information return filed by employee benefit plans. The IRS uses this information to determine if the plan appears to be operating properly as required under the law or whether the plan should be audited.
US Code:
26 USC 6058
Name of Law: Information required in connection with certain plans of deferred compensation
PL:
Pub.L. 109 - 280 1
Name of Law: The Pension Protection Act of 2006 (PPA)
Form 5500 is an annual information return filed by employee benefit plans. The following changes have been made to the 2012 version of collect effort:
1. Authority to add optional trust information
Section 6033(a) requires every organizations exempt from taxation under section 501(a) to file an annual return. Trust information was previously included on the Schedule P, authorized by section 6033(a). As part of the switch to electronic filing of the Form 5500, Announcement 2007-63 eliminated Schedule P effective for the 2006 and later plan years (2005 Plan Year for Form 5500-EZ filers). IRS suggests adding the name of the trust and the trust's EIN on the 2012 the Forms 5500.
2. Authority to add optional Preparer information
Preparer information was optional in Form 5500 in 2008 and previous years and was removed from Form 5500 in 2009.
Section 7701(a)(36) of the Code defines the tax return preparer as any person who prepares for compensation, or who employs one or more persons to prepare for compensation, any tax return or claim for refund, or substantial portion of such return or claim . The Small Business and Work Opportunity Tax Act of 2007, Pub. L. No. 110-28, 121 Stat. 190, extend the application of the income tax return preparer penalties to all tax return preparers. Revenue Procedure 2009-7, 2009-3 I.R.B.313, clarifies that Form 5500 preparers (including Form 5500-EZ and Form 5500-SF) are the tax return preparers. Treasury regulations under section 6109 of the Code, require these preparers to furnish PTINs and signatures in filing for tax returns for purposes of the Internal Revenue Code. Although, Notice 2011-6 temporarily exempts Forms 5500 from PTIN requirements, Treasury regulations require all paid tax return preparers to obtain the PTINs. Therefore, IRS proposed to include optional Preparer Information in Forms 5500 for purposes of compliance with the Internal Revenue Code, Treasury regulations, and operations.
It is estimated that these changes will result in a burden increase of 37,601 hours per year.
$3,032,900
No
No
No
No
No
Uncollected
Vikki Vrooman 202 927-9868
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form Schedule A Annual Return/Report of Employee Benefit Plan
Summary of changes 2012 version.pdf
Annual Return/Report of Employee Benefit Plan