If the answer to this question is “yes,” then you may be among the 4,000 plan sponsors who recently received the erroneous Form 8955-SSA penalty notice from the Internal Revenue Service (IRS).
IRS typically sends these notices for late-filed or incomplete Form 8955-SSA. Carroll Consultants, Ltd. (CCL) reached out to the IRS and the agency confirmed that these notices were assessed in error. IRS has indicated that it will send a letter in approximately two weeks to plan sponsors letting them know to disregard the letter.
Plan sponsors who receive this penalty notice should contact CCL at (610) 225-1207 and our pension professionals will be more than happy to assist you with getting the IRS to abate the penalty.