In light of recent IRS relief announcements, taxpayers, including those who are responsible for filing Form 5500, have been granted extended deadlines. This blog provides an overview of the key changes and considerations for businesses affected by these updates.
IRS Relief Guidelines: Impact on Form 5500 Filing
Key IRS Relief for Form 5500 Filers
The IRS has extended the filing deadline for Form 5500 series returns that were originally due on or after September 26, 2024, and before May 1, 2025. These returns must now be filed by May 1, 2025, in accordance with Section 8 of Rev. Proc. 2018-58. This relief applies to affected taxpayers and also extends to specific provisions regarding like-kind exchanges of property under Section 17 of Rev. Proc. 2018-58, which may apply to certain taxpayers even if they are not otherwise impacted by the relief.
For taxpayers in affected areas, this extension could potentially cover 5500 forms that were due by October 15.
What Happens if Your Preparer is in an Affected Area?
Even if your business is not located in an affected disaster area, you may still qualify for the extension if your auditor or 5500 preparer is based in a disaster-impacted area. If the necessary records—such as the audit report—are located within these affected areas, the IRS has stated that the extension will apply in such cases.
Additional Filing Considerations
Taxpayers taking advantage of this IRS relief should pay attention to special instructions when completing and filing Form 5500. According to the IRS, Department of Labor, and Pension Benefit Guaranty Corporation (PBGC), there may be special extensions of time granted in certain situations, such as federally declared disasters or for those serving in or supporting the U.S. Armed Forces in a combat zone.
For up-to-date information regarding special extensions, it’s important to check the official IRS website (irs.gov), EFast on the Department of Labor’s site (efast.dol.gov), and PBGC’s guidance page. If you are relying on one of these special extensions, make sure to mark the appropriate box on Part I, Line D of Form 5500 and provide a description of the authority for the extension.
Conclusion
The IRS’s relief measures provide significant support for businesses navigating the complexities of Form 5500 filings, particularly for those impacted by disasters. If you are eligible for these extensions, make sure to follow the necessary steps to ensure compliance and avoid penalties. For further guidance on the filing process or if you need assistance in determining how the relief affects your filing deadlines, reach out to a professional experienced in handling IRS filings.
Get in touch with AccelUS today!
