IRS Sends Erroneous Late Filing Notices

AAFCPAs would like to make clients aware that 2022 Form 8955-SSA late filing notices were sent erroneously due to an IRS programming error. Specifically, IRS notices were sent stating Form 8955-SSA were either incomplete or not received on time when in fact they were filed prior to the due date of July 31, 2023. The IRS further said it will be announcing in an upcoming newsletter that anyone who received the 8955-SSA late filing letter dated before September 1, 2023 can ignore it.

As background, ERISA retirement plans must file Form 8955-SSA annually with the IRS to report separated participants with a vested account balance in the plan. Information reported in the form is then shared with the Social Security Administration, which notifies affected individuals at retirement age that they may have retirement plan benefits available through prior employers.

If you have questions, please contact Sandy Keegan, MSA, Manager at 508.948.7036 or, Shawn P. Huxley, CPA, MSA, Partner, Employee Benefit Plans at 774.512.9075 or—or your AAFCPAs Partner.

About the Authors

Sandy is a member of AAFCPAs’ specialized Employee Benefit Plan Audit & Consulting Practice with extensive expertise in the Department of Labor’s stringent rules and regulations for reporting and disclosure under ERISA. She supervises audits and advises plan sponsors on ERISA compliance requirements, including those associated with administering 401K, 403B, Defined Benefit, and Health & Welfare Plans. She reviews Form 5500s to confirm that investments reflect accurately in the financial information, and that clients are operating the plan in compliance with ERISA.
Shawn is a leader in AAFCPAs’ specialized Employee Benefit Plan Audit & Consulting Practice with extensive expertise in Employee Retirement Income Security Act (ERISA) and Department of Labor (DOL) standards, including those related to audits of 401K and 403B Plans. Shawn is Co-Chair of the MassCPAs’ ERISA Accounting & Auditing Committee where he shares information on best practices and specific audit procedures relating to ERISA audits to improve the overall quality of these types of audits. Shawn has built an extensive support network of diverse ERISA audit experts and stays at the forefront of regulatory developments, with a focus on higher risk compliance issues and changes in plan operations and design.