EFAST filings

[pmacduff]

I have a small client who always waits until the last minute to get us the information to complete the 5500 form for his Profit Sharing Plan. (yeah I know, one of MANY small clients, actually). In any event, this particular client wants me to set him up with EFAST filing so that we don't have the worry about getting him the form timely to physically sign and file by midnight on October 15th.

I know that the EFAST-1 form needs to be filed, I assume by the client? Would I then be able to file his return from my office if he provided me with the password data he receives? Is there a way for us as a TPA to obtain authorization as TPA?

We obviously don't sign any of the 5500 forms which leads me to believe that for now anyway, each client that wants to do this must be set up individually, is that correct?

I figured with everything going the e-filing way in the future, it is time to start this with some of our smaller clients so that we can get the feel of how this works before it is required.

Any thoughts appreciated.

[pmacduff]

I posted this some time ago and never received any responses (as you can see).

Has everyone already begun/completed the migration to total electronic filings? Have you already prepared your clients?

any comments appreciated!

[WDIK]

I have only begun thinking about exploring the need to worry about it.

[Bill Presson]

I wanted to do 10 or so clients this year to work out the kinks. However, the EFAST2 system is so completely different, the DOL has said nothing we would do would carry over to the new system.

So, we wait.

[Bird]

That's my take on it as well: the new system is completely different from the old so we're just waiting for the new.

[pmacduff]

It makes me feel better that I haven't necessarily dropped the ball preparing for this!

Thanks for the input!