On September 13, 2023, the IRS released Revenue Procedure (Rev. Proc.) 2023-31, which provides guidance on exceptions from electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. Rev. Proc. 2023-31 applies to filings submitted with respect to plan years beginning on or after January 1, 2024.
Rev. Proc. 2023-31 supersedes Rev. Proc. 2015-47 and updates the procedures related to hardship waivers for Forms 8955-SSA ( Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits ) and 5500-EZ ( Annual Return of a One Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan ). This prior guidance outlined procedures a plan or plan administrator could follow to request a hardship waiver of the requirement to file these forms electronically.
This updated guidance informs plans that the procedures for seeking either an undue hardship waiver of, or administrative exemption from, the electronic filing requirements for Form 8955-SSA, or an undue economic hardship waiver of the electronic filing requirements for Form 5500-EZ, will generally be available in the respective form’s instructions, or “in applicable IRS publications, forms, or other guidance, including postings to the IRS.gov website.”
Employers that may need to file either a Form 8955-SSA or Form 5500-EZ should review this guidance and follow the prescribed procedures for requesting hardship waivers in future plan years.
IRS Rev. Proc. 2023-31 »
PPI Benefit Solutions does not provide legal or tax advice. Compliance, regulatory and related content is for general informational purposes and is not guaranteed to be accurate or complete. You should consult an attorney or tax professional regarding the application or potential implications of laws, regulations or policies to your specific circumstances.
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