Incorrect Form 5558

[Leopurrd]

Has anyone had any experience with an Incorrect Form 5558 and can advise on the best way to handle the situation?

We prepared an extension for an 11/30 PYE and sent to the client; of course, their auditors prepared a "corrected" form listing the plan as a 12/31 PYE and extension deadline of 10/15/06!!!!

Will this date issue cause a problem with the IRS/DOL? Can we just put a copy of the correct 5558 on the 5500 when we file it, or do we need to send a reasonable cause letter?

I've never had this happen before, fortunately!

Thanks for any suggestions.

Vicki

[stephen]

Vicki,

IMHO, the IRS and DOL do not communicate who has filed extension timely and who has not. Nor am I convinced that the DOL even looks at the form to check that it has been filled out properly only that a 5558 is included with the 5500 filing.

Thus, I think you could send in a good form, with the "corrected" form as provided by the auditor, or send in the form as provided by the auditor, or just send in the good form and keep a copy of the "corrected" form in your files in case it should come up (which in my estimation is VERY unlikely).

After all why would the IRS stop requiring a signature and date on the 5558 if they were checking them?

To me the logical next step is to allow an extension by marking a box on the 5500 without a filing requirement for the extension itself. It would save us all a lot of unecessary paperwork and postage.

Stephen

[WDIK]

Was the extension filed by 6/30/2006?

[Leopurrd]

Stephen - Thanks for your reply! I do agree that they should not even provide an extension and just allow us to mark the extension box on the 5500! I was thinking along the lines that they probably wouldn't notice, but it never hurts to ask!

WDIK - yes, the extension was filed by 6/30.

[Guest Ira Hayes]

Be advised that IRS no longer requires that Form 5558 be dated and signed unless Form 5330 is involved. Nonetheless, if correct Form 5558 not sent to Ogden, UT on timely basis, recommend filing under amnesty.