Practitioners See No Action on Plan to Require E-Filing of Coverage Data

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The Treasury Department wants Congress to authorize IRS to use electronic Form 5500 annual benefit plan filings to require disclosure of information about compliance with IRS nondiscrimination rules, but lawmakers have taken no action on a proposal to extend that authority to IRS, according to benefit practitioners familiar with the Obama administration's policy priorities. The request for IRS authority to collect certain compliance information electronically appeared in General Explanations of the Administration's Fiscal Year 2012 Revenue Proposals, commonly known as the Green Book. The proposal appears to have dropped off the radar, Jan Jacobson, senior counsel for retirement policy at the American Benefits Council, tells BNA.