Form 5500 Filing Requirements During the Pandemic

June 10, 2020

Like most, your Texas Injury Benefit Plan may define the "plan year" as January 1 through December 31. If this is the case, your Form 5500 will be due on July 31, 2020 (the filing deadline is seven months after the end of the plan year). While the U.S. Government has extended some deadlines related to Employee Benefit Plans due to the COVID-19 national emergency, this does not apply to Form 5500 filing deadlines. 

Please note that possible penalties for late filings are substantial -- $2,063 per day past the due date.

The U.S. Department of Labor (DOL), together with the Internal Revenue Service (IRS), offers the ability to file for an extension of time by using Form 5558 Application For Extension of Time to File Certain Employee Plan Returns. This form allows you to extend the filing deadline of your Form 5500 by up to 2 ½ months.

While the DOL requires that Form 5500 must be filed electronically through its eFAST web portal, the Form 5558 should be mailed, in hard copy form, to the IRS Center in Ogden, Utah. It must be postmarked before the original due date of the Form 5500 for it to be accepted. The DOL offers additional Form 5500 information here.

If you have any questions concerning the completion of either Form 5500 or Form 5558, please contact Kelly Jones at kjones@partnersource.com. PartnerSource completes and supports the filing of Form 5500 for dozens of clients every year.