Pension and benefit plan filing deadlines delayed

Tax Hot Topics newsletter The IRS released Notice 2020-35 postponing a variety of benefits-related filing deadlines until July 15, 2020, as part of ongoing COVID-19 relief efforts. The guidance applies to “time-sensitive actions” involving employment taxes, pension plans, and certain other employee benefit plans that are otherwise required to be performed on or after March 30, 2020, and before July 15, 2020.

For example, the notice extends to July 15 the time for employers to make corrections of employment tax reporting errors under the interest-free adjustment process. The notice also extends certain reporting deadlines with respect to plan funding requirements for qualified retirement plans. Furthermore, interest and penalties with respect to such postponed filing and payment obligations for Forms 5330, “Return of Excise Taxes Related to Employee Benefit Plans,” are delayed until July 16, 2020.

However, the filing deadlines for Forms 5498 used to report contribution information with respect to individual retirement accounts, health savings accounts, medical savings accounts and Coverdell education savings accounts are instead postponed to Aug. 31, 2020. In addition, different extended filing deadlines apply to certain benefit plans of tax-exempt and governmental entities.

Jeff Martin
Washington National Tax Office
T +1 202 521 1526

Keith Mong
Managing Director
Washington National Tax Office
T +1 202 521 1554

James Sanchez
Senior Associate
Washington National Tax Office
T +1 202 861 4107

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