Get Plan Trustee News Deadline For 5500 Forms Extended GUST ...

However, for those plan administrators who did not file their Forms 5500 by October 16, 2023, this short extension will come as a welcome relief.

ANSWER: An extension for filing Form 5500 (Annual Return/Report of Employee Benefit Plan) is obtained by filing Form 5558 (Application for Extension of Time to File Certain Employee Plan Returns) on or before the regular Form 5500 due date, which is seven months after the end of the plan year.

ANSWER: An extension for filing Form 5500 (Annual Return/Report of Employee Benefit Plan) is obtained by filing Form 5558 (Application for Extension of Time to File Certain Employee Plan Returns) on or before the regular Form 5500 due date, which is seven months after the end of the plan year.

Due date: the last day of the seventh month after the plan year ends (July 31 for a calendar year plan). Request copies of filed Forms 5500-EZ using Form 4506PDF (includes instructions).

For calendar year plans, this deadline would be July 31. However, plan administrators may, and often do, file Forms 5558 before this normal deadline to extend the deadline to the 15th day of the third month after the normal due date. For calendar year plans, this extended deadline would be October 15th.

The 2023 Form 5500 includes a new schedule that will consolidate and regulate information related to multiple employer plans. Enhancements to existing schedules will provide the DOL, IRS, and PBGC with information related to funding and other compliance and financial aspects of the plan.

Late filed returns are subject to penalties from both IRS and DOL, so it's very important to identify this mistake before we do. The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000.

Failure to file Form 5500 with the DOL on a timely basis can result in substantial and highly burdensome penalties. The DOL can assess a penalty of $2,259 per day, with no maximum limit. And it is not just the DOL that may assess penalties for the same late-filed return.