IRS Suspends Requirement to File Form 5500, Schedule F

Effective immediately, the Internal Revenue Service has indefinitely suspended the requirement for taxpayers to file Schedule F (Form 5500) "Fringe Benefit Plan Annual Information Return." This is part of the agency’s ongoing commitment to reduce unnecessary taxpayer burden.

"This IRS effort will simplify tax administration and eliminate the filing of about 200,000 forms each year," said Larry Langdon, Commissioner of the IRS’s Large and Mid-Size Business Division.

The suspension of the requirement to file Schedule F is outlined in Notice 2002-24. The filing suspension applies to all plan years, including years prior to 2001. During the suspension period, the IRS will review reporting requirements and electronic filing options.

Before this announcement, sponsors of certain fringe benefits were required to file the annual information return, Schedule F (Form 5500) for cafeteria plans, educational assistance programs, and adoption assistance programs.

Sponsors of fringe benefit plans who have not filed required Forms 5500, Schedule F, for plan years prior to 2001 should not seek relief under the Department of Labor’s Delinquent Filer Voluntary Compliance Program (DFVC). There is also no need to request relief from the IRS for failure to file these forms.

The IRS notice does not affect annual reporting requirements under Title I of ERISA, or relieve administrators of employee benefit plans from any obligation to file a Form 5500 and any required schedules (other than the Schedule F) under that title. For further information on annual reporting requirements applicable to employee benefit plans under Title I of ERISA, see the instructions for the Form 5500 Annual Return/Report and the Department of Labor’s regulations.

The announcement will be published in the Internal Revenue Bulletin 2002-16 dated April 22, 2002.

You may like these other stories...

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes, and others kinds of casualties? But the law imposes several restrictions.Relief...
Inversions: Loophole Is the ProblemJacob J. Lew, the U.S. Treasury Secretary, published an opinion piece in the Wall Street Journal that "the system has become full of inefficiencies and special-interest loopholes. That...
School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.