Form 5558 Filed Until 9-15-14

[khn]

Our client filed an extension back in July, but just discovered that they mistakenly requested an extension until 9-15-14 instead of 10-15-14 like they intended.

Now they're technically 9 days late. Any ideas how they need to rectify this? Can they 'amend' their 5558?

[Lou S.]

Did you receive a letter from the IRS that the 5558 was filed? If yes, what date did the IRS say it was extended to? If the letter says 10/15/14, just keep that and show it to the IRS if they ask.

[Andy the Actuary]

If not, if the client has documentation of when they filed, that should suffice. In prior years when IRS was mailing out an approved 5558, they would correct the extension date if I erred. Likely, the IRS may have noted the correct extension date.

Guess is this will not be an material issue.

[ESOP Guy]

I know this might not help you sleep but....

I made a mistake last year and just plain forgot to file the 8955-SSA by July 31 but did file the 5500 by July 31.

The client got a notice saying they filed late and owed a penalty. I wrote a letter explaining the error and why it happened. The IRS waived the penalty.

You have a strong set of facts. I would file the 8955-SSA and if you get a penalty notice ask for mercy. My guess is you will get it.

[Andy the Actuary]

Agree with E-Guy about the IRS. They are very forgiving if history of compliant filing.

[khn]

Thank you all, I was fearing the worst but it seems like this *may* not be as bad as we thought.