Preparing 5500 extensions

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Use this procedure to print extension forms for one client or a batch of clients. UltraTax CS prepares Form 5558 for Forms 5500, 5500-SF, 5500-EZ, and 8955-SSA and generates transmittal letters and filing instructions for this form, if so desired.

Per the EFAST2 Guide for Filers and Service Providers, filers do not have to attach a copy of IRS Form 5558, Application for Extension of Time to File Certain Employee Tax Returns, or any other extension request form, to Form 5500. Filers must mark the checkbox on Form 5500 and, if applicable, enter a description of the special extension. Plans must still file Form 5558 (or other applicable extension forms) with the IRS and maintain a copy of the forms with their records.

The IRS does not accept electronic extensions for Forms 5500, 5500-SF, or 5500-EZ. Extension forms must be printed and mailed to the IRS.

Notes

  • This procedure prints one copy of the extension following defined government collation conditions. If desired, you can modify this collation in the Return Collation dialog. To access the Return Collation dialog, choose Setup > 5500 Benefit Plans, and click the Tax Return button. For example, if you want to prevent the extension transmittal letter and extension filing instructions from printing with the extension, you can change the print condition for the extension transmittal letter and extension filing instructions to Never in the Return Collation dialog. 
  • To extend both the 5500 return and the 8955-SSA return, open Screen ID in the General folder and select the Both option from the Calculate Extension drop-down menu. There are separate Extended due date fields for Form 5500 and Form 8955-SSA in which you should enter new dates if they differ from the pre-defined dates.
  1. Open the UltraTax CS return for which you want to file an extension. If the client's return does not yet exist in the current-year application, proforma a prior-year client or add a new client.
  2. If applicable, retrieve general ledger balances from Write-Up CS, Trial Balance CS, or Accounting CS for each client for whom an extension should be filed.
  3. Choose File > Print Extensions.
  4. Click the Options button, select the extension you want to print, and click OK.
  5. To print extensions for clients other than, or in addition to, the current client, click the Clients button, select the clients for whom extensions should print, and click OK.
  6. Click the Print button.

    Notes

    • After clicking print or creating an electronic extension, if you receive the error "The selected clients will not be printed because their entity does not support the extension selected," choose File > Print Extensions, choose Options > Extension Print Options, and confirm that First extension is selected in the Which group box.
    • UltraTax CS retains the previously used extension print option selection. You should reset your extension print options to First extension after you print or create a second extension.

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