IRS Notice regarding Form 8955-SSA?
There is a chance you received an IRS Notice that mentions being charged a penalty for filing a late or incomplete form.
If you received an IRS Notice recently regarding Form 8955-SSA, please contact your consultant and email them a copy of the notice you received for Form 8955-SSAs that were filed by the deadline..
Your consultant will send you a copy of the confirmation of filing and a letter you can respond to in order to abate penalties. You will be able to provide proof that your filing is completed.
The above image is a sample of what the notice from the IRS may look like, so if you receive a notice please reach out to your consultant.
UPDATE: As of Sep 1, 2023
The Internal Revenue Service (IRS) contacted the American Retirement Association (ARA) on Friday, Aug 25, to clarify issues regarding erroneous notices sent to plan sponsors and advisors related to their supposed late filing of 2022 Form 8955-SSA.
The IRS confirmed that the issue was a programming glitch, which it fixed on Wednesday, August 23. The IRS said it is working on a newsletter article to notify the public of the issue and what to do with the notices.
The Ryding Company Compliance Team
Subscribe to our Retirement Roadmap Newsletter
Retirement isn’t just a destination. It’s a journey, and we’re here to help you. Our newsletter delivers succinct and timely tips, reviewed by Financial Advisors, to help you navigate the path to financial independence.