IRS issues revised Form 5558

The IRS issued Form 5558 earlier this month.  Form 5558 is used to obtain a 2 1/2 month extension for filing Form 5500,  Form 8955-SSA or Form 5330. Form 5558 does not have to be signed to obtain an extension to file Form 5500 but must be signed to obtain an extension for Form 8955-SSA. The Form 5558 must be submitted on paper and mailed to Internal Revenue Service Center in Ogden, UT.

As noted in a previous post, the IRS issued the 2009 Form 8955-SSA and extended the due date for the 2009 and 2010 Form 8955-SSA to the later of January 17, 2012 or the due date that generally applies for filing the 2010 Form 8955-SSA.

ERISA Advisory Council report on Employee Benefit Plan Auditing

This past spring, the ERISA Advisory Council (the “Council”) issued a report on Employee Plan Auditing and Financial Reporting Models.  The Council studied whether the requirements of ERISA §§ 103 and 104 provide the protections to plan participants and beneficiaries as originally intended.  The Council narrowed its focus to three issues: audit and auditor quality, limited scope audits and 403(b) plan audits.  The primary findings of the Council included:

·         Some auditors require more training despite available information

·         Limited scope audits may be misunderstood

·         403(b) plans should have been granted more time to comply with the 2009 Form 5500 requirements

·         The DOL should continue educational outreach efforts