February 13, Form SSA. Instructions for Form SSA. Publication
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We bring decades of experience, supported by the resources to deliver comprehensive solutions for your clients. Our consultants understand the importance of your relationships and will work seamlessly alongside your team. The form requires the plan sponsor to report any participant who terminated in a prior year and is still due a vested benefit from the plan as of the reporting date.
For example, the form for the plan year must report any employee who terminated in and still has a balance in the plan as of the date the form is filed. The form must include the social security number, name, and vested benefit due for each participant who is required to be reported. The form includes a way to update previously reported information to reflect that a participant has taken a full distribution and no longer has any benefit due from the plan.
Although this reporting is optional, we highly recommend doing it, as we explain below. When individuals apply for Social Security benefits, SSA queries its database and notifies applicants that they are entitled to benefits from the plan.
This is why we suggest un-reporting former employees once they have taken a full distribution. Although it is a completely separate, stand-alone form, the deadline for filing the Form SSA is the same as the deadline to file Form , i.
DWC electronically files the forms on behalf of its clients in a batch submission. All you have to do is approve the draft that we send you for review. There are actually four types of penalties that could apply to a late filing. The two most likely to apply are as follows:. Additional information about these penalties is available on the IRS website here.
According to the IRS website, you should not voluntarily mail in any payment of penalties. If they decide to assess a penalty, they will contact you directly with details. There has be an increase in telephone scams in which a caller claims to be from the IRS and demands payment of a penalty. It is important to note that that in the event a penalty is assessed, the contact you receive from the IRS will be by letter sent via U. Sort of, but not really.
As noted above, if they decide to assess a penalty, they will contact you directly. Plan Document A properly drafted document is the foundation of achieving the company's objectives and keeping the plan in operational compliance. Defined Benefits Services We work with business owners and investment advisors to determine what makes the most sense by providing a detailed cost benefit analysis. Plan Corrections DWC's extensive experience with both the IRS and Department of Labor voluntary correction programs allows us to help you address just about any accident that might happen.
Government Audits Being selected for an audit can feel overwhelming, but the process doesn't have to be. DWC has a long history of successfully partnering with investment advisors. Downloadable Resources. Our Team. By balancing a commanding knowledge of regulations with business realities and critical thinking, each DWC team member becomes a strategic business partner to his or her clients.
Every client is assigned a service team consisting of a Consultant, Team Leader and Partner to handle all aspects of plan design and administration. Join the k Experts. We offer a competitive compensation package based on experience, as well as a k profit sharing plan, health, life. DWC encourages career development by reimbursing for the cost of ASPPA credentialing exams, and we also provide an annual continuing education budget for each team member to cover the cost of conferences, webcasts, etc.
We reimburse annual ASPPA membership dues and strongly support industry involvement through speaking, writing, and volunteering. Learn More. We've Got a Fix or Two for That! What happens when an employee takes a distribution from the plan? How is the Form SSA information used by the government? What is the filing deadline? How does a plan sponsor file the Form SSA? Are their penalties for filing the Form SSA after the deadline?
How do I pay the penalties? Do I send them in when I file the form? Is there a delinquent filer program that I can use to voluntarily correct the late filing?
Form FAQs. Only the Best Retirement Industry Content. Get our k and defined benefits content delivered directly to your inbox. Subscribe for Updates. Certificate of Fiduciary Excellence. As Featured In. Box , St. Paul, MN Sign up to receive insights from DWC.
Form 8955-SSA Resources
Please contact customerservices lexology. As explained below, however, this automatic extension will only be useful to certain benefit plans with a non-calendar plan year. Both Form and Form SSA must be filed by the last day of the 7 th month following the end of a plan year. The IRS has, however, granted an automatic extension until July 15, for plans with original or extended filing deadlines that fall on or after April 1, through July 14,
IRS Releases Form 8955-SSA and Instructions for 2019, and Updates Electronic Filing Instructions