8955, 5558, 5500-EZ

[PFranckowiak]

Okay - we are now within two 1/2 months of these forms being due. We have no extension form that we can use yet for the 8955, We have clients that will need to sign the forms and may have vacations scheduled. Does anyone think the IRS will extend the due dates of the forms without making us file an extension? Seems to me that they should give us six months from the publish date of the form and extension.

I am ready to send in some draft forms!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Frustrated that this will be cutting into summer plans. What is changing in the 5500-EZ that is making the form delayed in being published?

Am I missing something here???

Pat

[ESOP Guy]

As far as I can tell, no you are not missing a thing.

[Buffys Redrum]

So....the 5500-EZ...still in Draft Status? A watched pot never boils, but I might have blinked and missed something.

[PFranckowiak]

As far as I know we have no EZ forms - and they are due in July. They expect us to file on time when they have had over a year to complete the form. I have not idea what the hold up is. We have clients that want to get them files and all we can do is tell them we are waiting. Then we will have to rush to get everything done. I think they issued the EZ on May 10 or around their last year.

I am starting to lose what little patience I had.

Pat

[ESOP Guy]

And the goofy part of all this is how little the form changes from year to year.

Update the dates issue the form, how long does that really take?

Even the new SSA if you look at it vs the old form. Does it really take years to make that few changes?

My first job was with the IRS and now you know why I left. At times my current job's pace is too fast. But the IRS was always just too slow. I had to make myself slow down to "keep up" with those people.

[PFranckowiak]

okay the new SSA form is due 7/31, but we cannot extend because we are also waiting for a new extension form to include it - so what are we to do - write SSA on the current avalable form?????

Are they going to automatically extend due dates for these or are they going to make us RUSH and get them all done?

Have a nice Weekend - going to try to forget about this stuff.

Pat

[mbozek]

As far as I know we have no EZ forms - and they are due in July. They expect us to file on time when they have had over a year to complete the form. I have not idea what the hold up is. We have clients that want to get them files and all we can do is tell them we are waiting. Then we will have to rush to get everything done. I think they issued the EZ on May 10 or around their last year.

I am starting to lose what little patience I had.

Pat

I have requested 5500-EZ twice, last being three weeks ago. Got a postcard from the IRS 10 days ago apologizing that EZ form is not available. No need to re order.

I wonder what Federal departments the 200,000 federal employees who have been hired in the last two year went to work for. Cant be IRS.

[mbozek]

And the goofy part of all this is how little the form changes from year to year.

Update the dates issue the form, how long does that really take?

Even the new SSA if you look at it vs the old form. Does it really take years to make that few changes?

My first job was with the IRS and now you know why I left. At times my current job's pace is too fast. But the IRS was always just too slow. I had to make myself slow down to "keep up" with those people.

The SSA form is now an exclusive IRS form and is to be filed with the IRS office in Ogden, UT, hence the need for extensive review to make sure the IRS office will be able to handle the processing of thousands of SSA forms. Also the SSA forms due for 2009 will have to filed with the 2010 SSA forms. Maybe UT is where some of those 200,000 new federal employees will be based.

[mwyatt]

Given the Ogden Utah's track record last summer with the handling of the 5558 filings, I can only imagine how screwed up the SSA forms are going to be. I'd suggest iron clad document retention of any future payouts that are reported on any SSA filings as one can only imagine how many subsequent payouts aren't going to be logged. Prepare your clients now for a deluge of letters 20 years down the road from paid out people "looking for their money".

Any word on the 2010 5500-EZ? This is getting ridiculous.

[PFranckowiak]

I called the IRS today. Nice gentleman explained that he has not heard anything on the EZ form and has been told to tell people to just wait until the form comes out. He has no idea when that will be.

Pat

[John Feldt ERPA CPC QPA]

ASPPA wrote a letter to Monika Templeman on May 31 asking for mercy on the due date for the SSA.

http://www.asppa.org/Document-Vault/pdfs/G...11-comment.aspx

[mbozek]

Given the Ogden Utah's track record last summer with the handling of the 5558 filings, I can only imagine how screwed up the SSA forms are going to be. I'd suggest iron clad document retention of any future payouts that are reported on any SSA filings as one can only imagine how many subsequent payouts aren't going to be logged. Prepare your clients now for a deluge of letters 20 years down the road from paid out people "looking for their money".

Any word on the 2010 5500-EZ? This is getting ridiculous.

According to the DOL the way to eliminate this problem is to send a revised 8955-SSA to Ogden when the benefits are paid out but who knows if the IRS will ever update the participant's vested benefit in its records to read 0. Only way to avoid paying out twice is to keep all records of payment and cancelled checks forever.

[thepensionmaven]

As far as I know we have no EZ forms - and they are due in July. They expect us to file on time when they have had over a year to complete the form. I have not idea what the hold up is. We have clients that want to get them files and all we can do is tell them we are waiting. Then we will have to rush to get everything done. I think they issued the EZ on May 10 or around their last year.

I am starting to lose what little patience I had.

Pat

[thepensionmaven]

So....the 5500-EZ...still in Draft Status? A watched pot never boils, but I might have blinked and missed something.

Do we even know why the delay?

[Tom Poje]

the latest we have on the 8955-SSA is rev proc 2011-31 (released May 31) which can be found at

http://www.irs.gov/retirement/article/0,,id=238959,00.html

though this procedure only deals with the electronic filing of the form.

however, the website does also contain 18 Q and As on the 8955-ssa, so we must be getting close.

summer job security, I guess, for those of uis who will have to eventually file these forms.

[thepensionmaven]

the latest we have on the 8955-SSA is rev proc 2011-31 (released May 31) which can be found at

http://www.irs.gov/retirement/article/0,,id=238959,00.html

though this procedure only deals with the electronic filing of the form.

however, the website does also contain 18 Q and As on the 8955-ssa, so we must be getting close.

summer job security, I guess, for those of uis who will have to eventually file these forms.

Tom,

Do we know WHY the delay with the EZ form?

I suppose the immediate solution, especially if we want to get paid, is to file 5500-SF as a 1 participant plan.

[mbozek]

the latest we have on the 8955-SSA is rev proc 2011-31 (released May 31) which can be found at

http://www.irs.gov/retirement/article/0,,id=238959,00.html

though this procedure only deals with the electronic filing of the form.

however, the website does also contain 18 Q and As on the 8955-ssa, so we must be getting close.

summer job security, I guess, for those of uis who will have to eventually file these forms.

Tom,

Do we know WHY the delay with the EZ form?

I suppose the immediate solution, especially if we want to get paid, is to file 5500-SF as a 1 participant plan.

There are rumors that some IRS officials want the 8955-SSA to apply to more than ERISA qualified plans and to be retroactive. Or that the procedures in Ogden are not ready to accept the forms.

[mwyatt]

Well, if Ogden can't handle the workload (which currently consists of 5558 filings, which they did a bang up job of processing last year), hopefully someone puts their thinking hat on and grants blanket extensions for 2010 EZ and 2009/2010 SSA filers so they don't compound their misery. Just saying...

[ESOP Guy]

If the IRS was smart at this point they would just waive the whole 2009 requirement for the 8955-SSA and tell you to put it all on the 2010 form. But I can't imagine they will be that efficient. Bureaucrats just love their forms too much.

[Tom Poje]

but they sort of have waived things. it's just you use the 2009 form instead of the 2010 (go and figure)

Q and A 3 from the website

May I prepare one Form 8955-SSA covering both 2009 and 2010 reportable employees?

Yes, you may prepare one Form 8955-SSA encompassing both 2009 and 2010 reportable employees. In that case, the 2010 reportable employees are treated as reported in 2009. Enter the beginning and ending date for the 2009 plan year on the Form 8955-SSA when combining information for the 2009 and 2010 plan years. For example, a plan that reports on a calendar year basis and combines information for the 2009 and 2010 plan years should enter January 1, 2009 as the beginning date and December 31, 2009 as the ending date.

[FAPInJax]

Carol Zimmerman announced today at ACOPA conference closing session that IRS will accept the 2010 EZ filing using the 2009 form. But she also noted we should expect release of the 2010 EZ form within approx 1 week

[mwyatt]

ASPPA notice yesterday:

They stated that the 2010 Form 5500-EZ should be issued as early as next week; however, IRS will accept the 2009 Form 5500-EZ reporting 2010 data until the 2010 form is posted on its website.

Given impending release (supposedly) looks like an awfully short window of time to file the 2010 using 2009. I'd wait myself.

[12AX7]

In light of the announcement that we can use the current Form 5558 for requesting an extension to file Form 5500 and Form 8955-SSA, does it seem feasible to use a single Form 5588 to request an extension to file the 2009 and 2010 Form 8955-SSA?