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Video instructions and help with filling out and completing when to file Form 5558

Instructions and Help about when to file Form 5558

Today I'd like to discuss a recent comment letter that aspas government affairs committee submitted to the Internal Revenue Service with regard to the new IRS form 5558 form 5558 is used to extend the filing deadline of the form 5500 as well as form 5330 which is used to pay an excise tax on a prohibited transaction back in 2021 the IRS amended the rules so that a signature is not required when filing form 5558 to extend the due date of form 5500 as I said that began in 2021 however since that time as we all know the form 5500 has moved to a mandatory electronic filing procedures as a result of that change form SSA which used to be a schedule to the form 5500 has now been removed from the 5500 form and has been made a separate IRS form form 8955 dash SS a the reason for the change is that form SSA is used to report participants who separated with a deferred vested benefit and it includes their social security number and so since the 5500 form is now available electronically on the internet the government did not want those social security numbers to be available on the internet and so it was moved to an IRS form the concern of the comment letter is that the recently revised extension form the form 5558 now requires a signature for the purpose of extending this new 8955 dash SS a form a signature is not required for the 5500 but it is now required for this 8955 SS a which previously when it was part of the 5500 was a extended in the same way as the 5500 and so the Aspen government affairs committee believes strongly that the same policies that applied to repealing the signature requirement for the form 5500 extension as was provided in 2021 should be applied to the new form 89 55 s sa that's the thrust of the comment letter keep in mind the new form 89 55 s sa does have in a transitional rule and extended deadline for filing for the 2021 and some of the 2021 plan years I'd recommend to you looking at our a spa ASAP that was released the summer it was number 11 dash 25 it goes in the greater detail about the new form 85 dash SSI and we'll keep you apprised of further developments as they come to our attention in the future.

FAQ

How does a retail business know when to file a 8300 form to the IRS?
The example provided would probably not need to be reported unless you had reason to know the transactions were related.It’s typically only if over $10,000 in a single transaction or related transactions. Related transactions are multiple transactions between a buyer & seller within a 24-hr period OR if you know/have reason to know the series of transactions is related.For example if a customer buys a $5,000 watch in cash, and then a $8,000 ring in cash the very next day, this would need reported because it’s within 24 hours.OR If someone purchases a $20,000 necklace but pays $5,000 in cash on Monday, then another $6,000 in cash on Friday, and $9,000 in cash the following Monday these would be considered related because you would have reason to know these were related.You can also voluntarily report if the transaction is suspicious.
What's the best way to file taxes when you have received a 1042S form?
Form 1042S is simply the form used to report a foreigner's earnings that are subject to withholding because they were earned in the US.  So the amounts can be entered directly on the 1040 (line 7 or 21 depending on what the wages were for) or 1040NR. Keep in mind that if you don't get to exclude any of the days you were present in the US and you were present in the US for more than 183, then chances are you are considered a resident for tax purposes, whether or not you are a permanent resident that has been issued a green card.  Hope this helps.