1099 Tax Software Blog

Publication 4810 says:

A filer must generally file the Form 8955-SSA electronically if the filer is required to file 250 returns of any type during the calendar year that include the first day of the plan year. If a filer is required to file a Form 8955-SSA electronically but does not do so, the filer is considered not to have filed the form even if a paper form is submitted.

Form 8955-SSA is a niche form.  When you paper file niche forms such as 8955-SSA, 8027, 1042-S and others, there is a lot of hope and wishes that what you mailed to the IRS is received, that it is correct and complete and will be accepted.  Here are three (3) really good reasons to consider electronic filing your 8955-SSA data instead of paper filing:

1. Quick results. If significant omissions or errors exist in the paper forms you mailed in, the IRS will eventually reject the paper forms and require you to resubmit.  It might take 6-12 months before the paper forms are rejected! In contrast, when you file Form 8955-SSA electronically, you receive the results in 3-5 days.
2. Amendments.  If the transmit a file and the results are BAD, you can submit a replacement.  If you the results are GOOD, but you later discover that you transmitted erroneous data, you can submit an amendment for just the record(s) that held erroneous data and you will receive the results in 3-5 days.
3. Proof of Submission. The IRS posts a receipt that shows when the file was received and the file status (whether its Good or Bad).  The receipt from the IRS is your proof of submission.  The receipt also gives you and the IRS the opportunity to track the file, data and results.

Our 8955-SSA software will prepare your 8955-SSA data for electronic submission.  The software will also review the file before you upload to make sure the structure of the file is good before you efile.  You can then log into the IRS FIRE System and upload the notepad file that the software created.

1099FIRE Service Bureau can also efile your 8955-SSA data on your behalf.  You can upload your excel file with data using a secure link.  We can import and convert to PDF and forward for you to review.  If approved, we can transmit using our transmitter control code and forward the results when they arrive.

Businesses oftentimes have a pension or an arrangement to provide retired employees with regular income when they are no longer working.  Pension benefit plans must generally file Form 5500, Annual Return/Report of Employee Benefit Plan, to report their financial condition, investments and operations. The IRS has announced that Form 5500, Schedule SSA has been replaced by Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits. Plan administrators must file this new form with the IRS and not through the EFAST2 filing system. 8955-SSA software at the site 1099fire.com makes it easy to file IRS Tax Form 8955-SSA by paper or electronically.  Service bureau and mail house solutions are also available.

Paper Filing, Electronic filing, Service Bureau…

Form 8955-SSA can be filed by paper or electronically to the IRS. “Our 8955-SSA software makes it easy to import participant information from Excel, print and electronically file IRS Form 8955-SSA quickly and easily”, said Erich J. Ruth, Technical Support for 1099FIRE.  A sample Excel template can be found on the website 1099fire.com which will import into the 8955-SSA software or technical support can guide you through the process of importing by phone or email.

If you file by paper, the plan sponsor and plan administrator must sign and date the form.  You then mail the signed form to the IRS.  Electronically filing does not require a signature at this time.

Electronic reporting of information returns eliminates the need to submit paper documents to the IRS.  Electronically filed information may be submitted to the IRS 24 hours a day, 7 days a week.  “Electronic filing of Form 8955-SSA is easy to do”, said  Ruth and  “The system is updated each year to reflect the format changes that are made by the IRS”. 1099FIRE software creates original, replacement, corrected and test files in the format required by the IRS for electronic transmission.

Filing information returns can be stressful. 1099FIRE can eliminate the stress of filing information returns by electronically filing in a timely manner and at an affordable price. 1099FIRE will beat any competitor price; attain a quote for any service from any competitor and 1099FIRE will provide same, if not more complete, service at a lower price.

Visit the 1099FIRE website at www.1099fire.com to stay up-to-date with important news, tax deadlines and the latest in compliance information.

Due Date…

The 2009 and 2010 filing of Form 8955-SSA was originally due August 1, 2011. The new due date for filing both the 2009 and 2010 Form 8955-SSA is the later of:

(i) the due date that would otherwise apply to the 2010 Form 8955-SSA; or

(ii) January 17, 2012.

A form 8955-SSA filing is due the last day of the seventh month following the last day of the plan year.

About 1099FIRE…

1099FIRE is dedicated to providing feature-rich 1042-S, 1097-BTC, 1098, 1099, 3921, 3922, 5498, 8027, 8955-SSA, W-2G and W-2 software.  Import, print and eFile 1099 forms the quick and easy way!

1099FIRE is a market-leading provider of information-reporting solutions and services for 1099, W-2 and 1042-S filers. 1099FIRE develops and markets a comprehensive range of products that enables any size business or institution to effectively comply with all 1099, W-2 and 1042-S filing requirements.

Have 1099FIRE Service Bureau handle all of your printing/mailing and IRS filing needs – it’s secure, affordable and stress free!