In response to the COVID-19 pandemic, the IRS has automatically extended the deadline for certain retirement and welfare plans to file Form 5500. IRS Notice 2020-23 provides that tax returns, including Forms 5500, that are required to be filed on or after April 1, 2020 and before July 14, 2020 are automatically extended to July 15, 2020.
While this is welcome relief for those retirement and welfare plans with plan years that ended in September, October or November 2019 and any plans with a Form 5500 deadline falling between April 1 and July 15, 2020 as a result of a previously filed extension request, it will not benefit calendar-year employee benefit plans. Unless extended, the deadline for calendar-year 2019 Form 5500 filings is July 31, 2020.
This extension is automatic; plan sponsors do not need to take any action to take advantage of the extended deadlines.
