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If you have a non-calendar year plan, the answer is maybe. If you have a calendar year plan, however, your filing deadline has not been affected, it remains July 31, 2020 (at least for now, barring further relief from the IRS). To see how your non-calendar plan may be affected, continue reading below. For more information on how to avoid errors and ERISA penalties as you file Form 5500 for your health and welfare plans, read our article The Form 5500 filing deadline is approaching - avoid errors and ERISA penalties.
In April, the IRS issued Notice 2020-23, that provided for an automatic extension of Form 5500s that would have been due on or after April 1, 2020 and before July 15, 2020. Under normal circumstances, Form 5500 is due within seven months of the end of the plan year. Under the extension, if your plan year ended in September, October or November of 2019, your normal 5500 filing deadline would fall in the time period covered by this automatic extension, and your Form 5500 deadline is now July 15, 2020.
Employers seeking an extension beyond the July 15, 2020 deadline using Form 5558 may still be able to do so. However, the extension would be 2.5 months from the original due date, as opposed to the extended date of July 15, 2020. As an example, if your plan year ended October 31, 2019, your normal Form 5500 filing deadline would have been June 1, 2020 (as May 31 was a Sunday). A 2.5 month extension from the original due date of June 1 results in an extended date of August 17, 2020 (as August 15 is a Saturday). Form 5558 must be filed by the regular due date. Since the regular due date for affected plans has been moved to July 15, 2020, filing Form 5558 by July 15, 2020 appears to be acceptable.
If your regular Form 5500 filing deadline was before April 1, 2020, but you filed Form 5558 such that your extended deadline falls on or after April 1, 2020 and before July 15, 2020, that extended deadline is also automatically extended to July 15, 2020. For example, the regular deadline for a plan year that ended June 30, 2019 was January 31, 2020. The 2.5 month extension would have resulted in an extended deadline of April 15, 2020. Because the extended deadline is in the time period covered by the automatic extension, the new extended deadline is July 15, 2020. There is no opportunity to further extend this deadline.
LouAnne's specialty is managing special projects designed to assist clients with their benefit-related compliance responsibilities. LouAnne monitors the legislative and legal environments and the state and federal mandates that impact our clients.
LouAnne's specialty is managing special projects designed to assist clients with their benefit-related compliance responsibilities. LouAnne monitors the legislative and legal environments and the state and federal mandates that impact our clients. She is the former chairwoman of the Compliance Committee for Benefit Advisors Network, where she frequently served as a panelist on issues involving healthcare reform. LouAnne is also a frequently sought-after panelist (for the MN State Bar Association, Business Journal and other organizations) to lend her expertise on healthcare reform and the HR perspective. LouAnne has a Bachelor’s of Arts degree from the University of Minnesota, Minneapolis and a Masters in Human Resources from the University of St. Thomas, St. Paul.
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