An issue has been identified with IRS reporting related to Form 8955-SSA that may impact some of our clients, and we want to ensure that you are informed and well-prepared to address any concerns that may arise.
Summary of the Issue
We have become aware of a glitch that has led to erroneous late-filing notices being issued for Form 8955-SSA. This form is a crucial requirement for reporting vested account balances of terminated participants, as mandated by Internal Revenue Code section 6057(a). The glitch has caused confusion and concern among some of our clients, so we want to provide clarity on the situation.
Details and Action Steps
If Rea & Associates is your Third Party Administrator (TPA) and you received one of the erroneous notices from the IRS, please rest assured that the filing of Form 8955-SSA was timely, and there is no need for concern. Please let us know if you receive such a notice from the IRS. We are ready to take proactive steps to address this matter and provide a swift and accurate response to the IRS on your behalf.
If you are working with someone other than Rea & Associates as your TPA, please refer to them for further guidance.
What to Do If You Receive an Erroneous Notice
- Contact Your TPA: If you receive one of these erroneous notices, or if you have any concerns about the situation, contact your TPA.
- Provide Documentation: Your TPA will work closely with you to gather the necessary documentation to demonstrate the timely filing of Form 8955-SSA.
- Reassurance and Response: If Rea & Associates is your TPA: Once we have the required documentation, we will respond to the IRS on your behalf, confirming the accuracy and timeliness of your filing. This will effectively resolve the matter. If you are working with someone else as your TPA, please refer to them for further guidance.
Navigating Business Challenges
At Rea & Associates, we are committed to helping our clients navigate various business challenges that can unexpectedly arise. This recent issue with Form 8955-SSA is a prime example of the unexpected hurdles that businesses can face. Please know that you can rely on us not only for accurate financial services but also as a trusted partner in overcoming such challenges.
We understand the importance of compliance and accurate reporting in matters related to IRS regulations. Our dedicated team is here to support you throughout this process, ensuring that any concerns are addressed promptly and effectively.
Additional Information
For more detailed information about the glitch and its implications, we encourage you to read the summary provided by the American Society of Pension Professionals & Actuaries (ASPPA). You can find the summary at the following link: ASPPA Summary
If you have any questions, concerns, or need assistance, please contact us. Your peace of mind is our priority.