I have a plan that terminated and 2020 is the last plan year. It’s a short plan year. Do you have to file a Form 8955-SSA to report the short plan year as the final year even if there is no one to report on the form?
It appears that there is a penalty if you don’t report the plan termination. I see no actual field to report that information on the Form SSA. Following is from the penalty section of the Form SSA instructions:
“In the case of a failure to file a notification of a change in the status of the plan (such as a change in the plan name or a termination of the plan), or a change in the name or address of the plan administrator, section 6652(d)(2) imposes a penalty of $10 for each day during which such failure occurs. The penalty, up to a maximum of $10,000, is imposed on the person failing to so file unless it is shown the failure is due to reasonable cause.”
Any clarification here is appreciated.
