IRS eliminates Schedule P to Form 5500.

The IRS recently announced Form 5500 filers no longer have to submit Schedule P, Annual Return of Fiduciary Benefit Trust.

The decision was made to discard that requirement to reduce the administrative burdens for employers, plan administrators, trustees and custodians who are preparing to comply with an upcoming mandatory electronic program called ERISA Filing Acceptance System (EFAST).

For Form 5500-EZ filers, the elimination of Schedule P is effective for the 2005 and later plan years. For all other Form 5500 series filers, the elimination of Schedule P is effective for the 2006 and later plan years. Under federal tax law, a trustee of an employee benefit trust that filed an annual Form 5500 had to sign a Schedule P.

Download more information at www.irs.gov/pub/irs-drop/a-07-63.pdf.