Communities across the Southeastern U.S., including many of our clients and team members, are currently dealing with the devastating aftermath of Hurricane Helene and Hurricane Milton. Recently, the IRS provided relief to certain states that have been impacted by these hurricanes—and there are many questions on how this might impact the Form 5500 filing deadline. The Forvis Mazars team has answered a few common questions here.
Are guidelines around filing Form 5500 included in recent IRS relief?
The IRS provided various tax relief to affected taxpayers, which is explained in the announcement linked here. In each of the IRS alerts that have been issued, the following is included as guidance:
This relief also includes the filing of Form 5500 series returns that were required to be filed on or after Sept. 26, 2024, and before May 1, 2025, are postponed through May 1, 2025, in the manner described in section 8 of Rev. Proc. 2018-58. The relief described in Section 17 of Rev. Proc. 2018-58, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.1
For people in impacted areas, this may provide relief for 5500s due by October 15.
What if I am not in an impacted area, but my auditor or 5500 preparer is?
For people who are not located in an impacted area, but their auditor or 5500 preparer is, the IRS states that if the records needed to complete the 5500, i.e., the audit report, are in an area covered by the disaster relief, then the deadline extension would apply in that circumstance.2
Are there additional filing considerations I should be aware of?
Those who will be utilizing this relief should note the guidance in the 5500 instructions detailing what they will need to mark on the 5500 once filed. The guidance states that the IRS, Department of Labor, and Pension Benefit Guaranty Corporation may announce special extensions of time under certain circumstances, such as extensions for presidentially declared disasters or for service in, or support of, the Armed Forces of the United States in a combat zone.
See irs.gov, efast.dol.gov, and pbgc.gov/prac/other-guidance/Disaster-Relief for announcements regarding such special extensions. If you are relying on one of these announced special extensions, check the appropriate box on Form 5500, Part I, line D, and enter a description of the announced authority for the extension.3
Read more about Hurricane Helene announcements and disaster relief here. If you have any specific questions on the guidance provided, please contact a Forvis Mazars representative.