The IRS Employee Plans office has issued a reminder regarding upcoming filing deadlines applicable to most retirement plans. Especially important is that the IRS did not extend the deadline for filing the Form 5500, which remains July 31.
Accordingly, the 2019 Form 5500 is due on July 31, 2020, for calendar year plans. Plan sponsors which file Form 5558 by that date get an automatic 2½-month extension of time to file. The plan sponsor will also be granted an automatic extension of time to file Form 5500 through the due date of its federal income tax return if:
- the plan year and the plan sponsor’s tax year are the same, and
- the plan sponsor has been granted an extension of time to file its federal income tax return to a date later than the normal due date for filing the Form 5500.
Two deadlines were extended to July 31:
- the deadline for adopting a pre-approved defined benefit plan for the second 6-year remedial amendment cycle; and
- the deadline to file an individual determination letter request for pre-approved defined benefit plans under Notice 2020-35. https://www.asppa-net.org/news/irs-issues-more-covid-19-relief
In addition, Form 5330 may be due on July 31, 2020, for a calendar year-based plan that must pay an excise tax. Form 5558 may be filed to get a 6-month extension to file Form 5330. However, the extension to file Form 5330 does not extent the time to pay the excise taxes.
The IRS also reminds that the deadline to file a determination letter application for an individually designed statutory hybrid plan is Aug. 31, 2020 per Revenue Procedure 2019-20.
There are a variety of deadlines impending.
- Log in to post comments