Skip the Form 5500 Compliance Questions

Certain welfare benefit plans and pension plans subject to ERISA are required to file a Form 5500 and related schedules within seven months of the close of each plan year. Of particular note, large welfare benefit plans filing a Form 5500 are required to report certain financial information relating to the plan on the Schedule H; small plan financial reporting is accomplished on the Schedule I.  The 2015 edition of the Schedule H and I included a new set of compliance questions for plan sponsors to complete (Part IV of Schedule H, or Part II of Schedule I).  However, shortly after the 2015 forms were released, the IRS announced that plan sponsors need not complete these compliance questions for the 2015 plan year reports.

Updated IRS Publication 969

The IRS released the 2015 edition of Publication 969 - Health Savings Accounts and Other Tax-Favored Health Plans. While there are no substantive changes to the 2015 edition, this publication may be helpful to individuals who have a health savings account, a flexible medical spending account, a medical savings account, or a health reimbursement arrangement.

Email Phishing Scheme Alert – Form W-2

The IRS issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme involving Form W-2s that purports to be from company executives and requests personal information on employees.  According to the alert, an incoming suspicious email may sent from the company’s CEO to its payroll department requesting a list of employees and their personal information including names, addresses, dates of birth, Social Security numbers or copies of the Forms W-2. 

The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.