IRS Requests Comments on Form 5558 Revisions
The IRS has issued a notice and request for comments related to Form 5558, Application for Extension of Time to File Certain Employee Plan Returns. Form 5558 is a multiple use form for filers to request an extension of time to file
- Form 5500, Annual Return/Report of Employee Benefit Plan series returns,
- Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, and
- Form 5330, Return of Excise Taxes Related to Employee Benefit Plans.
The IRS intends to revise Form 5558 to remove items related to the extension of time to file Form 5330 so that the DOL will be able to electronically collect the form using the EFAST2 system. Tax due for Form 5330 filers currently must be paid with Form 5558 at the time of application for extension, and the DOL EFAST2 system will not collect such IRS tax payments. The IRS further indicates that Form 8868 will be revised to allow extensions for Form 5330 and payment of excise tax due.
Comments are invited on the necessity and utility of the collection of information; accuracy of the agency’s estimate of burden including ways to minimize burden; suggestions for improving the quality, utility, and clarity of the information collected; and cost estimates of implementing the collection. Comments should be submitted on or before December 5, 2022.
