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Late 5558 Form: What You Should Know
If you miss the deadline, the penalty will be waived if IRS determines that tax filing was not due within 3 months of the date you filed Form 5558.
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FAQ - Late Form 5558
Does form 5558 need to be filed electronically?
Although Form 5500 must be filed electronically with the DOL (with limited exceptions for certain retirement plans), Form 5558 is filed in paper form with the IRS.
Does Form 5558 need to be filed electronically?
Although Form 5500 must be filed electronically with the DOL (with limited exceptions for certain retirement plans), Form 5558 is filed in paper form with the IRS.
Does form 5500 have to be filed electronically?
You must electronically file the Form 5500 and 5500-SF. You also must electronically file the Form PR (Pooled Plan Provider Registration). If you are a one-participant plan or foreign plan, beginning January 1, 2023 you must file the Form 5500- EZ; you can no longer use the Form 5500-SF.
How long is the extension for form 5558?
More In Retirement Plans Filers may use Form 5558 PDF to request a one-time extension of time to file Form 5330 (up to 6 month after the normal due date of Form 5330).
What is a 5558 extension?
Form 5558. (Rev. September 2023. Application for Extension of Time. To File Certain Employee Plan Returns.
How do I submit form 5558?
File Form 5558 with the Department of Treasury, Internal Revenue Service Center, Ogden, UT 84201-0045. Private delivery services. You can use certain private delivery services (PDS) designated by the IRS to meet the timely mailing as timely filing rule for tax returns.
What is a 5558 tax form?
Form 5558. (Rev. September 2023. Application for Extension of Time. To File Certain Employee Plan Returns.
What happens if you forget to file Form 5500?
The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000. For returns required to be filed after December 31, 2023. the penalty for failure to file is increased to $250 a day (up to (150,000).
How long is the extension for Form 5558?
More In Retirement Plans Filers may use Form 5558 PDF to request a one-time extension of time to file Form 5330 (up to 6 month after the normal due date of Form 5330).
How do I file an extension for form 5500?
July 31 is the deadline for sponsors of calendar-year benefit plans to file Form 5500, Annual Return/Report of Employee Benefit Plan, with the IRS. Plan sponsors can request an extension to Oct. 15 by filing Form 5558, Application for Extension of Time to File Certain Employee Plan Returns.
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