Electronic Filing of Form 5558

This is certainly a very welcome change.  I assume "Beginning on Jan. 1, 2024"  means ANY form for any plan year calendar 2023 or fiscal year ending in late 2023.  

Thank you

Here is the link to the IRS website:  https://www.irs.gov/retirement-plans/form-5500-corner#collapseCollapsible1699465613274

Essentially, the IRS is saying EFAST2 will be open for business for plans to file the 5558 electronically.  There is no association between the availability of filing electronically and the plan year.

Note that there is no ability to batch filings for a group of clients, so an electronic filing will be submitted for each plan.

Also note that "Form 5558 is no longer used to apply for an extension of time to file Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. You can, instead, use Form 8868, Application for Extension of Time To File an Exempt Organization Return or Excise Taxes Related to Employee Benefit Plans, to apply for an extension of time to -file Form 5330."

Good points - thanks.  I can see perhaps doing them one by one electronically could be time consuming as opposed to printing a batch and mailing.  But I was never comfortable with the mailing even though we did certified with return receipt both from the post office and the IRS.   It's worked.

Let's hope our software vendors can come up with a batch work around for us.

It appears that, in order to file 5558 electronically, it is simply to fill out blanks and submit. As a TPA, can I submit the form on behalf of my client without getting the e-authorization? The instructions do not appear to address this question.

My client is hard to get a hold of - he is a scientist working for DoD as a contractor. Most of the time, he is at an underground bunker somewhere in U.S. with no access to outside emails/phone calls. So, I am not sure when I will be able to get a hold of him. I do not want to wait until the middle of July to request an extension.

What e-authorization? Been told there isn't anything necessary. Are you thinking of the 5330 rules?