8955-SSA

[Guest TQA]

So far I've heard that the new form 8955-SSA will be available in Spring or Summer 2010. I've also heard that there has been talk of making it an optional filing for the 2009 plan year since they aren't ready for it to be filed electronically yet. If it isn't going to be optional, i'd like to start thinking about how we are going to handle it. Once we get past 3/15, people will want to start preparing 5500's relatively soon. But I don't want to have to go back and do an SSA for clients that we've already prepared and filed the 5500 for. It makes more sense to do the SSA at the same time. Has anyone heard anything more definitive on this?

[Guest Kristina K]

So far I've heard that the new Form 8955-SSA will be available in Spring or Summer 2010. I've also heard that there has been talk of making it an optional filing for the 2009 plan year since they aren't ready for it to be filed electronically yet. If it isn't going to be optional, i'd like to start thinking about how we are going to handle it. Once we get past 3/15, people will want to start preparing 5500's relatively soon. But I don't want to have to go back and do an SSA for clients that we've already prepared and filed the 5500 for. It makes more sense to do the SSA at the same time. Has anyone heard anything more definitive on this?

The 8955-SSA is an IRS-ONLY form. It will never be part of the EFAST2 electronic filing. This is a year of transition. You will find yourself doing things at different times when you did them all at the same time in the past.

I agree with your statement that it makes sense to do the SSA at the same time only in that it makes sense to accumulate the data that you believe will be required on the Form 8955-SSA so that when you revisit the file after the form is made available you do not have to reinvent the wheel. Perhaps a spreadsheet would be in order that would allow you to import the data directly into the form when it is available.

The break of the Form 8955-SSA with the Form 5500 Series is a good idea. That way one is not tempted to include the Form 8955-SSA data in with the electronic filing with EFAST2 and then see it posted on the internet.

[mwyatt]

Any updates on release? IRS site still has it as not yet released. We're processing a bunch of filings right now; is there a possibility giving non-release (on June 15th no less) that we may have to file an extension for SSA even with 5500/5500SF already filed? Why the holdup?

[BeanCounterBlues]

And - anyone know anything about the idea that the 5558 is for 5500 but not for 8955? Have heard that the 5558 s/n/b relied upon as 8955 extension until IRS specifically states. Funny can't file the SSA but can't extend it either. Am sure there will be some relief just wondering if anyone has heard anything about the extension issue. Thnx.

[Bird]

Look for an ASPPA asap tonight...informal guidance is that the 2009 filing won't be due until the 2010 Form 5500 due date.