Form 5500 Extension Date Modified in Highway Funding Legislation

Benefits|ERISA|Wealth Management

By Mara Bruce

Beginning in 2017, plans that extend their Form 5500 will have an extra month to file.  The short-term highway funding extension that President Obama signed into law on July 31, 2015 modified due dates for partnership and C Corporation returns for taxable years beginning after December 31, 2015.  The legislation also allowed the IRS to modify its regulations and provide for changes to the maximum extension to a variety of returns, including employee benefit plans, partnerships, trusts and exempt organizations. 

Under the new legislation, maximum automatic extensions on Form 5500, Annual Return/Report of Employee Benefit Plan, will be 3 ½ months rather than the 2 ½ months that is presently allowed.  For calendar year plans in 2015 and 2016, the maximum extension date for the Form 5500 will remain at October 15.  Beginning in 2017, the automatic extended due date for calendar year plans will be November 15.

Contact us if you have questions about the new highway funding extension and how it will affect your Form 5500 filings and visit our ERISA services webpage to learn about our services.

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