Are there any extensions for Form 5500 filing due to COVID-19?

By: Marcus Ramsey, ACA Compliance Analyst

Yes, in these unique times we are going through, any extension or provision is a welcome sight. The latest news from the IRS is an extension for pension and welfare benefits plan reporting on their Form 5500. Under normal guidance, the Form 5500 must be submitted at the end of 7 months after the last day of the plan year. The IRS has extended any Form 5500 that was due on or after April 1, 2020 and before July 15, 2020 to now be due on July 15, 2020. This extension means that any plan ending in September, October, or November will get automatically extended to the July 15, 2020 due date. This extension is automatic and does not require a form to be filed.

Alternatively, there is an extension beyond July 15, 2020 with a Form 5558, which would extend the due date 2 ½ months from the original due date. For example, a Form 5500 due on June 31, 2020 would be extended to August 15, 2020 with the submission of a Form 5558. If a Form 5558 was previously submitted, which extended due date for the Form 5500 to after April 1, 2020 and before July 15, 2020 it would be granted this automatic extension as well.

Under current guidance, any calendar year plans will not have their Form 5500 due date automatically extended and will still have a due date of July 31, 2020. If any updates are made to this, we will keep you updated. Until then, a traditional extension may be made by filing a Form 5558 for due dates after July 15, 2020.

Please contact CXC Solutions today if you need assistance with generating and filing the Form 5500 or creating the Form 5558 extension.