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Andy the Actuary

Form 8955-SSA (Or Whatever They Call the Dang Thing)

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Had the designers of 8955 been responsible for negotiating the WWII peace settlement, we would still be at war. Am I missing something or does the draft of 8955 look remarkably similar to what used to be SSA? 8955 is possibly the most costly-to-design form of the 20th century. While I'm whining, I'm also tired of 3 page consulting and society newsletters on this pathetic ordeal. With about 1/2 as much effort, we could have wiped out pellagra and beri-beri.

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possibly the most costly-to-design form of the 20th century

or maybe even the 21st century (but we don't know that yet). :)

Either way, I agree.

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From ASPPA:

The Internal Revenue Service (IRS) announced at the ASPPA College of Pension Actuaries (ACOPA) Advanced Actuarial Conference that one-participant plans may use the 2009 Form 5500-EZ to report information for the full 2010 plan year. They stated that the 2010 Form 5500-EZ should be issued as early as next week; however, IRS will accept the 2009 Form 5500-EZ reporting 2010 data until the 2010 form is posted on its website.

Additionally, the IRS will allow the 2008 Schedule SSA (Form 5500) to be filed for plans that do not want to wait for the release of the 2009 Form 8955-SSA. The IRS expects the 2009 Form 8955-SSA to be released shortly after the 2010 Form 5500-EZ and notes that the same IRS professionals are working on both forms. The IRS strongly prefers that filers wait for the official 2009 Form 8955-SSA. Filers and transmitters who plan to use the Filing Information Returns Electronically (FIRE) system will be mailed letters providing the Transmitter Control Codes (TCC) as soon as the Form 8955-SSA is posted. As a result, practitioners should be able to file electronically shortly after the paper form is posted.

The IRS advises that filing the current Form 5558 and completing the section for requesting an extension of the due date to file the Form 5500 also would extend the deadline for filing the Form 8955-SSA. IRS indicated that the new Form 5558, when issued, will be more specific and the filer will need to check all boxes that apply.

ASPPA submitted comments to the IRS on May 31st requesting a revision of the due date for filing 2009 and 2010 Form 8955-SSA, available here. ASPPA will continue to discuss these issues with the IRS and request workable solutions for practitioners.

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