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IRS: Retirement Plans Need Not File Fringe Benefit Information WASHINGTON, July 15, 2003 (SmartPros) The Internal Revenue Service reminded employers and retirement plan professionals Monday that they no longer have to file information about fringe benefit plans. The IRS suspended the requirement for an annual Form 5500 and Schedule F last year for such so-called "pure fringe benefit plans." The IRS has since eliminated Schedule F altogether and also modified Form 5500 so fringe benefit plans could not be reported. However, the IRS said some employers may try to adapt prior year forms and schedules or add write-in information on a Form 5500 because they mistakenly think the filing requirement still exists. After it announced the suspension of the fringe benefit plan filing requirement last year, the IRS received almost 70,000 unnecessary Form 5500/Schedule F returns. This represented over 100,000 hours of unnecessary filing burden on the part of employers and plan sponsors. To aid employers and plan sponsors with their filing requirements, the IRS recently posted Form 5500 filing tips on its Web site. |
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