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Form 5558 for Vacaville California: What You Should Know
The application, also known as Form 5558, is the employer's way of requesting more time to file the forms on Form 5500 after the date of the form is due to be filed with the IRS. Under the provisions of Section 4604A(f) of the Code, the IRS may extend the due date of Form 529 plans from the date set forth in § 4604A(a) of the Code until the form is filed for that year or the next calendar year. Section “The Secretary may extend the period for filing the requirements of this title for a particular year to a later date or to a later taxable year if the Secretary determines there are exceptional circumstances.” So, in laymen's terms, the IRS (i.e., the IRS Commissioner) is able to extend the required filing dates of a particular tax from a year or a year at a time. The purpose of Form 5558 is to enable businesses to request an extension by showing that there is a significant change in the facts and circumstances that required a filing earlier, and, as a result, it is important to file the form so that the IRS can consider the extension of the filing deadline. The form is not required if the required filing date has already been extended. The IRS uses the following factors in deciding whether to extend the filing due date: number of employees; number of employees and business location of the business; number of business days between the due date of the form and the date the requirements of a particular form are due; business location of the business; change in the number and type of business property held or used by the taxpayer; and, any substantial risk to the taxpayer. This information can be found in section 4604A(f)(3) of the Code. See U.S. Code C.F.R. § 4604A(f)(3)(i) (2013). If your Form 5558 is approved, then you will be able to file the tax forms on Form 5500-SF for the year in which the extension took place. The information listed below is provided solely for informational purposes only. It is not intended as a substitute for the forms for individual income tax purposes, the Notice of Federal Tax Lien or the Notice of Federal Tax Debt. IRS Form 5558 Information The form lists the IRS contact information.
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