Form 8955-SSA - coming to a theater near you

[Tom Poje]

the thrills, the chills, the spills....

this is probably the most important stuff regarding form 8955-SSA

from Announcement 2011-21 (because I can't type, its 2011-21 not -11) The Internal Revenue Service (IRS), in coordination with the Social

Security Administration, has developed Form 8955-SSA, a stand-alone form to

be filed with the IRS, as the successor to the Schedule SSA (Form 5500). For

plan years beginning on or after January 1, 2009, the Form 8955-SSA should be

used to comply with the reporting requirements of § 6057(a). Form 8955-SSA for

the 2009 plan year is expected to be available for filing by plan administrators

shortly. Form 8955-SSA for the 2010 plan year is being developed and is

expected to be available for filing later this year. Plan administrators are

permitted to report information that would otherwise be required to be reported on the 2010 Form 8955-SSA using a 2009 Form 8955-SSA. The IRS has also

developed a voluntary electronic filing system for filing Form 8955-SSA for the

2009 plan year and subsequent plan years. This system is ready to accept

filings of Form 8955-SSA when the form becomes available for filing.

In general, as with Schedule SSA (Form 5500), if a Form 8955-SSA must

be filed for a plan year, it must be filed by the last day of the seventh month

following the last day of that plan year (plus extensions). Thus, for example, for

plans on a calendar year, any 2011 Form 8955-SSA that is required to be filed

under § 6057(a) must be filed with the IRS by July 31, 2012. However, in order

to provide plan administrators with additional time to complete and file the new

Form 8955-SSA, this announcement provides that the due date for filing the

Form 8955-SSA for the 2009 and the 2010 plan years is the later of (1) the due

date that generally applies for filing the Form 8955-SSA for the 2010 plan year,

and (2) August 1, 2011. For example, in the case of a 2009 plan year or a short

2010 plan year, the Form 8955-SSA is not required to be filed before August 1,

2011.

[§#$%!]

Tom,

I believe it's Announcement 2011-21

[Andy the Actuary]

I can't wait to see 8955-SSA, which should be the form to end all forms. After all, given that it will capture essentially the same information as SSAs since the birth of ERISA, it's no wonder there is such a desperate struggle to produce it. So, which event is likely to occur first (ordered by my choices from most to least likely)?

(a) Charlie Sheen and Lindsay Lohan tie the knot

(b) Global cooling overtakes global warming

© Tuesday falls on Thursday

(d) IRS issues Form 8955-SSA

(e) Cubs win World Series

[A Shot in the Dark]

I choose (b). It willl never ever be (e).

[GMK]

Spot on analysis, AtA.

Since (b) continues since forever to be the norm where I live, I pick ©.

(When in doubt, pick c.)

[Belgarath]

I think that (b) is a precursor to (e), since Hell must freeze over before (e) takes place.

[Tom Poje]

looks like its below freezing, at least at night. does that count?

5-Day Forecast for Hell, Michigan

40 | 29° F Partly Cloudy Wednesday, 9

41 | 32° F Rain Thursday, 10

38 | 25° F Snow Showers Friday, 11

40 | 29° F Partly Cloudy Saturday, 12

41 | 25° F Chance of Snow

[GMK]

Up in these regions, that's a heat wave, Tom.

We're all waiting for that first sign of Spring, orange barrels on the highways.

[Belgarath]

We had 2 feet of snow yesterday, 7 foot drifts in front of the garage, and the entire length of the front of the house was sealed in drifts half way up the first floor windows. I think Hell (Grand Cayman) would look pretty good right now...

But that's just a minor flurry, the real snow will probably come in April. Or May. I well remember a canoe trip with my parents on Memorial Day weekend when I was a kid, and we woke up to 4 inches of snow on the ground.

People often don't believe me when I tell them this, but it is true. Last April, I was just about at the point where I had to mow the lawn for the first time. On Wednesday, we received 20 inches of snow (at our house - a difference of a few hundred feet elevation sometimes makes a HUGE difference in snowfall totals.) On Friday morning, we still had 11 inches. On Sunday, I mowed the lawn - temperature nearly 80 degrees.

But that's one of the great joys of living in New England - complaining about the weather is a favorite pastime. And the variability is what makes it interesting, although once in a while, I'd prefer it was a little quieter. then I read about some of these poor folks who have to deal with floods, hurricanes, tornado, etc., and realize how lucky I am and stop my complaining!

As to the SSA, which after all is the subject of this post, has anyone actually heard any information about the electronic filing system, whether from IRS friends or from the podium at a conference? Any indication on when such information might be released?

[Tom Poje]

back on Jan 12 or thereabouts these were the IRS comments I found

Topic 805 - Electronic Filing of Information Returns

The Filing Information Returns Electronically (FIRE) System is designed exclusively for the electronic filing of the following information returns: Forms 1042-S, 1097-BTC, 1098, 1099, 3921, 3922, 5498, 8027, 8955-SSA and W-2G. FIRE is accessible at https://fire.irs.gov/. Benefits of electronically filing information returns include: cost-effectiveness, secure (supports AES 256-bit, AES 128-bit and TDES 168-bit encryption); and a later due date for filing most information returns. The electronic filing of information returns is not associated with the Form 1040 electronic filing program.

If you are sending files larger than 10,000 records electronically, data compression is encouraged. WinZip or PKZIP are the only acceptable compression packages. The FIRE System is operational 24 hours a day, 7 days a week. Please note that the FIRE System will be down from 2 p.m. EST December 21, 2010, through January 3, 2010, to allow Internal Revenue Service/Information Returns Branch (IRS/IRB) to update its system to reflect current year changes. In addition, the FIRE system may be down every Wednesday from 3:00 a.m. to 5:00 a.m. Eastern Time, for maintenance.

After you file your returns via the FIRE System, the result of the electronic transmission will be e-mailed to you if you provide an accurate e-mail address on the "Verify Your Filing Information" screen. The file status e-mail will include the IRS assigned filename, date received, count of payees, and file status for Forms 1042-S, 1097-BTC, 1098, 1099, 3921, 3922, 5498, 8027, 8935, and W-2G. If the e-mail indicates that your file is bad, you must log into the FIRE System and go to the "Check File Status" option to review the results of your file and timely resubmit the file as a replacement file. If the file is good, it is automatically released for mainline processing 10 calendar days from receipt

Topic 802 - Applications, Forms, and Information

All filers must obtain approval from the Internal Revenue Service , Information Returns Branch (IRS/IRB), and be assigned a Transmitter Control Code (TCC) prior to electronically filing Forms 1042-S, 1097-BTC, 1098, 1099, 3921, 3922, 5498, 8027, 8955-SSA, and W-2G. Once you have received approval to file electronically, you need not reapply each year. There are two exceptions where you would need to apply for a new TCC: (1) you have not used your TCC for two consecutive years; or (2) your files were previously transmitted by a service bureau using the service bureau's TCC and you now have the computer equipment that is compatible with ECC-MTB and wish to prepare your own files.

Form 4419 (PDF), Application for Filing Information Returns Electronically, must be mailed to the Internal Revenue Service , Information Reporting Program, 230 Murall Drive, Kearneysville, West Virginia 25430, or faxed to 877-477-0572, at least 30 days before the due date of the returns; do not do both (mail and fax).

Upon approval of your Form 4419, you will be sent an approval letter and assigned a 5-character TCC used to identify payers/transmitters and to track their files electronically. If you file Forms 1097-BTC, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G for multiple payers, only one TCC is required for each transmitter. However, if you file Forms 1042-S, 8027, or 8955-SSA you will need a separate TCC for each return. You may not electronically file information returns until your application has been approved and you have been assigned a TCC. If any information on the Form 4419 changes, please notify the IRS/IRB in writing so the database can be updated. Be sure to include your TCC in all correspondence.

[rcline46]

Starting with 'However....' in the 5th line from the bottom - this little item will just about kill using the FIRE system for everyone.

[david rigby]

Or...

we could request a change to IRC 6057(a), removing the IRS from the loop entirely (ie, there is no reason to have 2 govt agencies involved).

Is the common sense gene removed when you start working for the govt?

[Guest knichols]

Where can I get a copy of the "draft" Form 8955-SSA and the instructions?

[Tom Poje]

copies of the draft and instructions can be found at

http://www.form5500help.com/DRAFT8955_SSA_...instructNEW.pdf

you have to love the fact you can now put a 'check mark' next to an individual if

"the plan administrator is unable to determine from the

records of the participant’s service as to whether or not the

participant is vested in any deferred retirement benefit but

there is a significant likelihood that the participant is vested

in such a benefit. See 26 CFR 1.6057-1(b)(3)."

no, really, thats what the instructions say.

[PAL]

Well, while I'm waiting for the forms (to be issued"shortly"), I'm having an issue with the SSA sending incorrect notices out to participants. I believe it has to do with the plan name changing. Now people seem to be getting duplicate notices. Has anyone had success in getting a name/phone number of someone in the department at SSA who is responsible for sending these notices?

PAL