JustSayin

Fire.gov is still accepting Form 8955-SSA submissions and sending confirmation receipt emails.

The automatic extension applies only if the Plan Sponsor has extended their corporate return and is only until the due date of the corporate return. So, the extension may only be until 9/15. Using this method is more of a fallback method if the Form 5558 filing is accidently missed. It is a more conservative approach to file the Form 5558 Extension rather than rely on the corporation return being extended.

As long as the Plan passes all of the compliance tests and it matches the allocation method in the Plan document, I have seen it done. This wasn't considered an issue when that Plan went through DOL audit.

The match rate may go down as the deferral % goes up. The match rate may not go up as deferrals go up. So, all is good except for the participants deferring less than 2% of compensation. Their match rate needs to be at least 300% of deferrals (not necessarily 6% of compensation).

We send an annual engagement letter with a fee schedule attached. Used to send an updated fee schedule with the census request with stipulation that their providing the census was their consent to the new fee schedule. Most times, if there is a response, they ask what the old schedule was. Majority of the clients .... crickets.

From: Employee Plans News | Internal Revenue Service (irs.gov) Plan sponsors that filed timely and complete Forms 8955-SSA do not need to respond to penalty notices dated before September 1, 2023 As a result of a programming issue in the IRS system that receives Forms 8955-SSA, the IRS sent out CP 283-C penalty notices to plan sponsors who timely filed complete 2022 Forms 8955-SSA. The notices indicate a late or incomplete filing of Form 8955-SSA. Plan sponsors that timely filed a complete return do not need to respond to penalty notices dated prior to September 1, 2023. The IRS has resolved the programming issue and is updating its records to reflect the timely and complete filings. If you have any questions, contact the IRS at 877-829-5500. The IRS also reminds plan sponsors that Form 8955-SSA must be filed with the IRS, not with DOL through the EFAST2 System. If a Form 8955-SSA is filed in EFAST2, it will not be treated as timely filed by the IRS. Go to IRS.gov/5500corner for more information on filing Form 5500 series returns and Form 8955-SSA.

I have a calendar year ESOP that normally pays over 5 years of installments except for participants with large balances that may be stretched to up to 10 installment payments. For a participant with a large balance, if the first installment is paid in 2022 based on the 12/31/2021 share valuation; do you use the 2021 or 2022 409(o) limit to calculate how many years in excess of 5 are used?

As a spouse, the husband is generally the primary beneficiary. Aren't hardships available to cover hardship costs for primary beneficiaries?

Bob, You invited the onion cutting ninjas !

Datair provides 2 page 2s as a default. When you need more than that, select "add Page 2" in the bottom right hand corner of your screen.