5500-SF for 2015

[Cynchbeast]

So I am working on my first 5500-SF for 2015 - just adore those changes

Part IX - Compliance Questions - some of these are a bear; especially asking about last amendment/restatement dates and codes. But looking at the instructions, I see that entire section is Optional.

Does anyone have a sense of what might happen if we simply don't complete it? Is anyone completing it?

[Lou S.]

We are taking the position that optional means "skip it".

[Tom Poje]

currently using Relius, every time we restated a document (or received one from the client) simply entered into some of the user fields the serial number and the date. most of the rest of the info (testing method for the plan, etc) can be pulled from the system, so I simply have a report generated that provides most of the answers (about the only one I can't pull is how much in service distribution), so, at least for me, it is not that big a deal.

known for a year these questions would appear and set things up as the last year went along.

[Bird]

I thought we'd be good boys and girls and complete them, unless, say, a plan was terminated and it was an utter and complete waste of time (as opposed to simply a waste of time).

After doing one or two, now my attitude is more that...(quoting above)...optional means "skip it." I might be in a good mood and do a few more but it's hard to see any benefit from doing it.

[My 2 cents]

I am presuming that "optional" means "optional - for now" and so "skip it" would mean "skip it - for now". The IRS promises revised instructions in the future (presumably for when completion is not optional).

[Tom Poje]

My understanding it is only optional for 2015, I hadn't heard they were going to revise things.

The issue, I suppose, is the DOL has the info available for all to see. The IRS wants the additional compliance info. I can't see anything in those questions that make a difference, aside from the other optional question that asks who the preparer was.

The Q and A the IRS released had the following note:

The IRS has introduced new compliance questions on the 2015 Form 5500-series returns. These IRS compliance questions will help the IRS to effectively focus on specific factors and issues of federal tax law compliance. Although responses to these new questions are optional for the 2015 plan year, we strongly encourage you to answer them. These FAQs clarify some of these new questions

I am assuming the software will roll most of the answers over from one year to the next, so answering them this years will speed things up next year. again, since I already have them ready on a report, I'm really not putting any extra time into it.

[Cynchbeast]

So now I'm totally confused. Can someone please put all the pieces together for me:

1. 2015 instructions for 5500-SF say you must file electronically "..if you are required to file at least 250 returns of all types during the calendar year ..")
2. All 5500-SF must be filed on EFAST2 (which is electronically); paper filings are not permitted
3. IRS compliance questions on 5500 reports is optional - at least for 2015
4. 5500 SUP comes into existence for 2015, and allows you to submit compliance questions on paper

So what does this all mean? I don't understand the instructions about the electronic requirements as stated in 1 above. The compliance questions on 5500/5500-SF are optional, but does that mean the SUP is optional, too?

[BG5150]

Who files paper returns any more (other than EZs)?

[GMK]

... does that mean the SUP is optional, too?

Apparently it is:

https://www.pwc.com/us/en/hr-management/newsletters/hrs-insights/assets/pwc-form-5500-changes-for-2015-filings-new-questions-optional-for-first-year.pdf