austin3515 Posted July 22, 2010 Posted July 22, 2010 Has anyone heard that the DOL will NOT be providing an automatic extension? I know that a big trade group had pleaded for an extension, but of course nothing yet and the clock is ticking... Austin Powers, CPA, QPA, ERPA
Jim Norman Posted July 22, 2010 Posted July 22, 2010 Has anyone heard that the DOL will NOT be providing an automatic extension? I know that a big trade group had pleaded for an extension, but of course nothing yet and the clock is ticking... I heard that ASPPA was told there would be no automatic extension of the 7/31 deadline and no extension of the 10/15 deadline. No worries on 7/31, we've got all our 5558s out. But I sense disaster at 10/15. On 5500s filed, we are off 30% YTD from last year. Combination of taking longer to prepare, clients not doing their part, and don't even get me started on Schedule SB! And of course the EFAST website will probably meltdown in early October. I've been doing this 30 years, this is the first time I really think we won't get em all by 10/15. I'm addicted to placebos. I could quit, but it wouldn't matter.
WDIK Posted July 22, 2010 Posted July 22, 2010 No worries on 7/31, we've got all our 5558s out. Ditto. ...but then again, What Do I Know?
austin3515 Posted July 23, 2010 Author Posted July 23, 2010 We're doing ours on Tuesday... Austin Powers, CPA, QPA, ERPA
austin3515 Posted July 23, 2010 Author Posted July 23, 2010 We still mail them to Ogden, UT, right? Austin Powers, CPA, QPA, ERPA
Belgarath Posted July 23, 2010 Posted July 23, 2010 From Sal Tripodi: At the Western Benefits Conference in Los Angeles earlier this week a DOL official said that the DOL will NOT be issuing any automatic extension of the Form 5500 series for 2009 reporting years, in spite of difficulties with the new EFAST2 filing system. Accordingly, if you are wanting extra time to file for any of your clients, Form 5558 needs to be filed to obtain the extension. Remember that the filing of Form 5558, if timely, results in an automatic extension. For calendar year plans, the Form 5558 for 2009 needs to be filed by July 31, 2010 (assuming the plan did not have a short year due to an amendment or a final distribution of assets).
austin3515 Posted July 26, 2010 Author Posted July 26, 2010 The official denial http://www.americanbenefitscouncil.org/doc...enial072110.pdf Any guesses on just how many 403(b)'s WON"T file their extensions? I'm guessing more than 10%, though we may never find out for sure... Austin Powers, CPA, QPA, ERPA
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