Notice2023-04930
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Annual Return/Report of Employee Benefit Plan
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 10, 2023
Issuing agencies
Treasury Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 88 Issue 47 (Friday, March 10, 2023)</title>
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[Federal Register Volume 88, Number 47 (Friday, March 10, 2023)]
[Notices]
[Pages 15121-15122]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-04930]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Annual Return/Report of Employee Benefit Plan
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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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: Comments should be received on or before April 10, 2023 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. Copies of
the submissions may be obtained from Melody Braswell by emailing
<a href="/cdn-cgi/l/email-protection#d8888a9998acaabdb9abadaaa1f6bfb7ae"><span class="__cf_email__" data-cfemail="5202001312262037332127202b7c353d24">[email protected]</span></a>, calling (202) 622-1035, or viewing the entire
information collection request at <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
Title: Annual Return/Report of Employee Benefit Plan.
OMB Control Number: 1545-1610.
Form Number: 5500 and associated Schedules, and 5558.
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 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). Form 5558
will be used by the IRS to grant extension request for filing the 5500
series and the 8955-SSA forms. The IRS uses this data to
[[Page 15122]]
determine if the plan appears to be operating properly as required
under the Code or whether the plan should be audited.
Current Actions: IRS is adding Form 5558 to the OMB approval for
1545-1610. Additionally, IRS is making the following revisions to the
Form 5558 to allow for electronic filing with the Department of Labor's
(DOL) ERISA Filing Acceptance System (EFAST2).
Currently, Form 5558 is used by a filer to request an extension of
time to file Form 5500 series, Form 8955-SSA as well as the Form 5330,
Return of Excise Taxes Related to Employee Benefit Plans. Form 5558
does not extend the time to pay the excise taxes. Any tax due for Form
5330 filers must be paid with Form 5558 for the application for an
extension of time to file Form 5330.
The DOL EFAST2 system will not take the IRS tax payment. Thus, the
IRS will revise Form 5558 to remove the items about the extension of
time to file Form 5330. This will allow DOL to electronically collect
the form. The Form 5558 will be used to solely request extensions on
the Form 5500 series and Form 8955-SSA. The payment information from
Form 5558 will be incorporated into Form 8868. The Form 8868 will be
revised to allow extensions for Form 5330 and payment of excise tax
due. Form 8868 will only allow for the extension to file, and will not
extend the payment of the excise tax. The pension plan burden for the
Form 8868 revision will be covered under 1545-0575.
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 Total Number of Respondents: 1,471,958.
Estimated Total Number of Responses: 1,471,958.
Estimated Total Frequency of Response: 1.
Estimated Total Average of Hours per Response: 2.4.
Estimated Total Annual Burden Hours: 2,138,922.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023-04930 Filed 3-9-23; 8:45 am]
BILLING CODE 4830-01-P
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