Filing for extension

[Guest KTigges]

I am finding out that a lot of my clients are filing for extensions this year. Since this is only my second year in the 5500 world, and last year not providing a comparison point because of the automatic extension, what is the "typical" filing pattern in a "normal" year?

Many of my clients are Large plan filers, so I'm hoping this is a normal occurrance. Also, many seem to be waiting until the last possible moment to file Form 5558. Is this typical???

[Theresa Lynn]

My understanding is "yes." This is normal. In fact, that is a primary reason PBGC extended its premium filing due date one month to coincide with the typical actual Form 5500 filing date.

[MGB]

Note that the IRS changed the address this year for Form 5558 from Atlanta to Ogden, Utah. So, if you are looking at old instructions, it will not have the correct address.

[Guest dubya]

It is typical for many clients to wait until the last minute to file for an extension, although I don't really understand why. 5558's are automatically approved and you don't even need a reason for requesting one anymore. I've seen so many people who race to get a report and 5500 done during the last week of July, and who do and send everything rush, rush, rush, just to meet that 7/31 deadline, when all they had to do was send in the 5558 in early July, which takes the pressure off of meeting the "not-really-there" deadline of 7/31.

With that said, you probably still don't want to many 5500's hanging around after 7/31, since that 2-1/2 month extension comes around quicker than you think. A previous employer was notorious for putting about 80% of our clients on extension, which made for a hectic end of summer, early fall filing season. I would not suggest this approach.

[Guest James Osterhaus]

For large plans, yes it is normal. Most large plans need to have an audit and sometimes it takes the auditors a while to finish the audit. It's also normal for large plans to wait untill the last minute. We prepare our extensions early in July but don't send them in until July 30, just in the event were able to send the 5500 in by July 31st. As long as you mail the extension by 7/31, you fine.

[Guest shafter]

Very considerate of the IRS to modify the Form 5558 in June 2001. We got a revised copy of our software last week, apparently they don't know the form was revised either as the package includes the May 2000 form. Did the IRS change anything else on the form besides the fact that all forms are to be mailed to Ogden, UT.

[Kristina]

The revised 5558 says that it was revised in June, 2001, but it was not published until 7/11/01. (Little hard to put it in any software in time to be useful.)

The only change between the old 5558 and the new 5558 is the revision date. The IRS will continue to accept the old 5558.

The instructions changed in regard to the Ogden address as mentioned above.

[John A]

If a 5558 was mailed to the "old" address, should another 5558 be mailed to the Ogden address?

[Kristina]

The IRS has indicated that they will forward any 5558's filed at the old address.

If it were me, however, I'm not sure that I would want to depend on a mailroom person to understand the importance of the form. Therefore, I would mail a copy to the Ogden address if I knew that I had not previously mailed a 5558 there.

After all there is no penalty for filing too many copies of the 5558.

[Guest dubya]

Kristina: Would you mind providing the exact address for Ogden? I do not have a copy of the new form or instructions, and for some reason I haven't been able to connect with the IRS website for forms and instructions. Also, so far this is the only place I've heard of the change in address.

Do you know if all extensions go to the Ogden address, or is it that different locations get mailed to different IRS offices? Any differences between where to file 5558's for welfare or EZ plans?

Thanks for the info.

[John A]

From the instructions:

"File Form 5558 with the Internal Revenue Service Center, Ogden, UT 84201-0027."

There is no indication that the 5558 would be sent to a different address for any reason.

[Kristina]

The address is Internal Revenue Service Center, Ogden UT 84201-0027.

The 5558 is used to file an extension request for the filing of 5500s, 5500-EZs and 5330s.

All 5558s are filed with the Ogden Center.

[Guest Bud]

Must the 5558 be received by 7/31 or mailed by 7/31?

Same question for the 5500. When the 5500 was mailed to the IRS, mailing it by the deadline was acceptable. The DOL has always operated on the receipt rule (not the mailbox rule). Forms, payments, responses must be received by the particular deadline. Now that 5500s are mailed to the PWBA, is it the receipt rule or the mailbox rule?

Thanks.

[stephen]

The 5558 and 5500 must be postmarked by the deadline date.

You may want to send them certified mail.

[Guest Bud]

Thanks Stephen. How do you know that?

[Kristina]

The instructions refer to the filing date, not the due date. A filing date is the date you send (or file) it to the PWBA.

[Lisa Hand]

I printed the new 5558 off the IRS web page under Forms and Publications two weeks ago. As long as your have Adobe loaded, form and instructions which include the address print fine.