Today, I'd like to discuss a recent comment letter that the Aspen Government Affairs Committee submitted to the Internal Revenue Service regarding the new IRS Form 5558. This form is used to extend the filing deadline of Form 5500, as well as Form 5330, which is used to pay an excise tax on a prohibited transaction. Back in 2005, the IRS amended the rules so that a signature is not required when filing Form 5558 to extend the due date of Form 5500. However, since then, Form 5500 has moved to mandatory electronic filing procedures. As a result, Form SSA, which used to be a schedule to the Form 5500, has been removed and made a separate IRS form, Form 8955-SSA. The reason for this change is that Form SSA is used to report participants who separated with a deferred vested benefit, including their social security numbers. Since the 5500 form is now available electronically on the internet, the government did not want those social security numbers to be exposed. Therefore, it was moved to an IRS form. The concern of the comment letter is that the recently revised extension form, Form 5558, now requires a signature for the purpose of extending the filing deadline of the new Form 8955-SSA. Previously, when it was part of the Form 5500, no signature was required. The Aspen Government Affairs Committee strongly believes that the same policies that applied to repealing the signature requirement for the Form 5500 extension in 2005 should be applied to the new Form 8955-SSA. It's important to note that the new Form 8955-SSA does have a transitional rule and an extended deadline for filing for the 2009 and some of the 2010 plan years. I recommend looking at our ASPA ASAP, which was released in the summer as number 11-25, for more...
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When to file 5558 Form: What You Should Know
Form 1120-X. Form 1120-X — Amended Form 1120 Return — Amended Tax Return Form 1120X, filed by a corporation, is required to be filed only by the corporation, or by the “representatives” of the corporation, to correct a mistake made on its previous return or return extension filed within 3 years before due date. The corporation has 3 years from the (Oct 24, 2016) — IRS Forms: Business Expenses & Miscellaneous Items Form 1099-B Schedule F — Business Expenses Form 1099-C Schedule J — Business Income, Deductions, Credits, and Losses Form 1099-Form 1095 — Forms, Schedule, and Information Return (Nov 2, 2015) — Tax Information Sheet Forms: Business Income & Expenses (Form 1040-C) Form 1099-B Schedule F Individual Business Tax Return Form 1099-C Schedule J Individual Business Tax Return Form 1040-C Individual Income Tax Return Form 1040NR Individual Income Tax Return Form 1040NR Estimate Tax Return Form 1040NR Estimated Tax Return Forms: Net Profit & Earnings Form 990-N Business Tax Return for Individuals Form 990-Q Business Tax Return for Estates & Trusts (corporations & partnerships) Form 990-PF Business Tax Return with the Information Returns Form 990-QT Business Tax Return for Corporations and Other Business Entities Form 1099-B Schedule D—Business Income and Expenses Form 1099-Q Schedule D—Corporate Tax Return Form 1099-QP Schedule D—Corporate Tax Return of Partnerships Form 1099-QT Schedule D—Corporate Tax Return of Partnerships (with accompanying Schedule K-1 for partners) Form 1120-X — Taxpayer's Certification. (Reel Tax) Form 1120-Q—Reportable Business Income Tax Form 1120-X—Unreportable Business Income Tax Form W-2C—Employee's Withholding for Wage and Tax Payment Form W-2G—Wage and Tax Payment.
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