Who signs the 5558?

[Guest joeyb]

Who is supposed to sign the 5558 extension form. I was under the impression that the plan trustee must sign the form and not the TPA. Please advise

[Guest Emiliano]

Follow the instructions

[Archimage]

Here are what the instructions say:

The form must be signed. The person who signs this form may be an employer, plan sponsor, or plan administrator filing a Form 5500, Form 5500-EZ, or 5330, a disqualified person filing Form 5330, an attorney or certified public accountant qualified to practice before the IRS, a person enrolled to practice before the IRS, or a person holding a power of attorney.

[MGB]

Note that a TPA is usually NOT the named plan administrator and is therefore not authorized to file.

I find it very strange that they allow professionals to file without holding a power of attorney. It seems the "or" at the end should be "and".

[Guest joeyb]

THANKS THAT WAS MY UNDERSTANDING THAT THE TPA IS NOT AUTHORIZED TO FILE.......

[Archimage]

However, the TPA may have a CPA on staff that can sign the returns and is not required to have a power of attorney.

[Blinky the 3-eyed Fish]

And don't forget the enrolled actuaries. They can sign the form as well, which stinks because I really don't enjoy it.

[Guest David M. Lipkin]

I like it!

David (EA)

[actuarysmith]

I've always wanted to have the power of an attorney! (ha ha)

[Archimage]

That was bad...

[david shipp]

With respect to what constitutes a "power of attorney" for Form 5558 purposes, must a Form 2848 be used or would a statement included in the annual data collection package (signed by the plan administrator) to the effect that the TPA has the authority to sign the 5558 suffice?

[R. Butler]

See Pub. 947. A non-IRS form 2848 is acceptable, sort of. If an individual has valid POA, the attorney in fact can attach a completed 2848, along with a copy of the general POA. That would be acceptable.

My concern is whether a statement in the annual data collection package is a valid POA. I am not certain, but doesn't a non-IRS POA have to be certified by the state somehow?

[Ron Snyder]

A non 2848 power of attorney is acceptable to IRS. However, the powers delegated must specifically include the right to sign tax forms, preferably listing the form and year. And the signature from the client must be prior to the date the TPA firm signs the extension request form.