Form 8955-SSA vs. Form 5500

[tuni88]

Maybe this goes on the Form 5500 forum, but I've posted it here nonetheless:

We electronically filed our 2013 Form 5500 on time without an extension being applied for. The due date was 7/31.

Unfortunately, I sat on the manually-filed Form 8955-SSA and here I am almost a week late. Or am I?

What's the proper way to handle?

1. Send it in as is and hope for the best?

2. Check the "Form 5558" box and hope they don't care?

3. Check the "Automatic extension" box and hope it applies to us? (Given that there is a "Special extension" box, what ever is an automatic extension anyhow?)

4. Other?

[Andy the Actuary]

4. Other -- Find a new vocation.

[BG5150]

Automatic extension is when the company's taxes are on extension.

Special extensions happen in cases like hurricane Katrina.

[tuni88]

IWIICBIC - old dog. (Unless there's a job just sitting on things I suppose.)

So if one schedule on the Form 5500 is late is the filing considered late?

[david rigby]

So if one schedule on the Form 5500 is late is the filing considered late?

The due date for the SSA is triggered by the 5500, but that does not make it part of the 5500.

File it.

[ESOP Guy]

If you file it today the IRS will send a penalty notice. You can ask for a wavier of the penalty and there is a good chance if you have a record of timely filing forms it will be waived.

Moral of this story is when in doubt send the extension. As a rule it doesn't hurt to have an extension filed and not need it but it does hurt to not file it and need it. Don't let 7/20 (for annual plans) pass without an extension.

This is one of the few things we can do that cost someone money so be paranoid.

[tuni88]

I was a Boy Scout. Be preparanoid they always told us.

This waiver - when do you ask for it? In advance or after the penalty notice arrives?

[ESOP Guy]

I was a Boy Scout. Be preparanoid they always told us.

This waiver - when do you ask for it? In advance or after the penalty notice arrives?

No you ask for it after the notice arrives. I tried once to get ahead of a penalty notice by explaining. It did no good. The notice explains how to ask for a waiver.

[dan.jock]

Converse question:  What if I apply for an extension for 8955 but then discover I actually don't need one this year.  Does that trigger a compliance check?

[chc93]

I think it has been discussed here and other places that filing for an extension timely, but then filing the form(s) prior to the filing due date so an extension was not needed, is not a problem.  In fact, I've heard of folks filing extensions for all plans, whether needed or not... for example, extensions for all calendar year plans were filed in February (extreme, I think).  But don't recall any concerns for compliance or audit checks.

[ESOP Guy]

If we get to this point in July for the 12/31 plans we file an extension for both the 5500 and 8955 end of story.  We are not going to get caught without an extension.  It has never been a problem. 

[chc93]

Another comment... when we file extensions, we file for both the 5500 and 8955-SSA even if we are not sure at the time that an 8955-SSA will even be required.  As ESOP Guy says, "we are not going to get caught without an extension".

 

[BG5150]

On 7/19/2018 at 4:47 PM, chc93 said:

Another comment... when we file extensions, we file for both the 5500 and 8955-SSA even if we are not sure at the time that an 8955-SSA will even be required.  As ESOP Guy says, "we are not going to get caught without an extension".

 

Us, too.  Just put the dates in both spots int he 5500/8955-SSA section of the 5558