Government Affairs
The IRS on Oct. 13 released the Form 5500-EZ to be used in reporting concerning the 2021 plan year.
Part 1 of the Form 5500-EZ has been changed for 2021 reporting.
- Boxes have been added in Part 1 B in which a filer can indicate whether one is filing under Form 5558, automatic extension or special extension. Previously Part 1 B had only had one box, by which a filer could indicate if the filing is being done under an extension.
- A new 1 E section and box has been added to indicate whether the plan is a retroactively adopted plan permitted by Section 201 of the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
The Form 5500-EZ now must be used for filings by a one-participant plan or foreign plan. Those plans had been filing a Form 5500-SF, but beginning Jan. 1, 2021 are required to use the Form 5500-EZ.
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