[Federal Register Volume 87, Number 192 (Wednesday, October 5, 2022)]
[Notices]
[Pages 60436-60437]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-21584]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Multiple Internal 
Revenue Service (IRS) Information Collection Requests Related to the 
Annual Return/Report of Employee Benefit Plan and Payment of Pension 
Plan Excise Taxes

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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: Written comments should be received on or before December 5, 
2022 to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected]. Include ``OMB Number 1545-
1610-Annual Return/Report of Employee Benefit Plan'' in the subject 
line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Martha R. Brinson, at 
(202)317-5753, or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

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 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 
Forms 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.

Total Burden for 1545-1610

    Estimated Total Number of Responses: 1,472,304.
    Estimated Total Annual Burden Hours: 2,230,416.
    Title: Return of Excise Taxes Related to Employee Benefit Plans and 
Application for Automatic Extension of Time to File an Exempt 
Organization Return.
    OMB Control Number: 1545-0575.
    Form Number: 5330 and 8868.
    Abstract: Internal Revenue Code sections 4965, 4971, 4972, 
4973(a)(3), 4975, 4976, 4977, 4978, 4979, 4979A, 4980 and 4980F impose 
various excise taxes in connection with employee

[[Page 60437]]

benefit plans. Form 5330 is used to compute and collect these taxes.
    Current Actions: The Form 8868 will be revised to allow extensions 
for Form 5330--Return of Excise Taxes Related to Employee Benefit 
Plans. Form 8868 will only allow for the extension to file, and will 
not extend the payment of the excise tax.
    The Form 8868 burden attributed to pension plans will be captured 
under OMB Control Number 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.

Total Burden for 1545-0575

    Estimated Number of Responses: 9,403.
    Estimated Total Annual Burden Hours: 540,647.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. 
Comments will be of public record. Comments are invited on: (a) whether 
the collection of information is necessary for the proper performance 
of the functions of the agency, including whether the information has 
practical utility; (b) the accuracy of the agency's estimate of the 
burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information to be collected; (d) 
ways to minimize the burden of the collection of information on or 
other forms of information technology; and (e) estimates of capital or 
start-up costs and costs of operation, maintenance, and purchase of 
services to provide information.

    Approved: September 28, 2022.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2022-21584 Filed 10-4-22; 8:45 am]
BILLING CODE 4830-01-P