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Form 5558 Memphis Tennessee: What You Should Know
The IRS sent me the final letter today (October 5, 2010) as of the date I made this blog post — here's a PDF of the letter; it's pretty straightforward. You're responsible for filing Form 5500, the form I used as I wrote this blog post, and the form we'll need to file for employee benefits plans for years beyond the 2024 tax year. This form is due to the employer (employer withheld from employee wages, including pay via check or electronic fund transfer) by October 31, 2010. If you did not pay into or withhold from your plan, and you've received Form 5498 at the same time as this letter to file for 2011, you don't need to file this form, because the Form 5498 letter tells you that the information you need about the 2024 tax year will be shown on Form 5500. You must file, and pay fees for, Form 5500 by October 31, 2010. It is important that you do so: if you pay tax to this employer by August 2 when the Form 5558 and Form 5498 letters are out, and then pay taxes to the employer by October 31, I'm not sure if you'll have enough time to complete these forms by October 30, 2010, at the earliest (you need 7 business days between paying your taxes and completing the forms). This year, there's a special incentive for the employer to file Form 5500 as soon as they are able. Since this year is the Tax Cuts and Jobs Act, the IRS has offered a 10-percent discount for filing by April 30, 2010, as they hope that employers will file for 2024 tax year as early as possible and get the benefits of low taxes for the year. There are two ways to file for 2024 tax year if your plan still has employees, or is still operating. Option 1: Have employee files Form 5500 by May 31, 2010. Option 2: Have employer, in lieu, file Form 5498 by October 31, 2010. The employer can take the time they previously saved by not paying into the plan by filing now, if they choose to do so. The employer and employee need to both file the form. It's pretty straightforward. The employee's information you must provide: name, address, and social security number. It is also your responsibility to keep this information in a safe place.
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