IRS 5500 Extension

Posted on Apr 10, 2020

The IRS has published some good news for Form 5500 filers—well, some Form 5500 filers.

Under Notice 2020-23, released April 9, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations, exempt organizations and other non-corporate tax filers qualify for the extra time. 

The extension will surely be welcome news for those June 30 plan year-ends that had filed for an extended deadline of April 15 (the regular Jan. 31 deadline + 2.5 months)—and which will now have until July 15 to file.  

On the other hand, the news will be of little comfort to those plans with calendar year-ends—for which their July 31 deadline is fast approaching.

“We certainly hope and expect that there will be further guidance automatically extending the Form 5500 deadline for calendar year plans from July 31 to October 15, particularly considering that the IRS Ogden Service Center has been shut down—and there is now no place to send the Form 5558 to ask for an extension,” commented Brian Graff, CEO of the American Retirement Association.