Form 5500 Filing Relief for Plan Sponsors Impacted by Hurricane Sandy

The IRS announced it is granting relief to benefit plan sponsors affected by Hurricane Sandy. This relief also includes plan providers whose services impact the filing of Form 5500. In general, plans in the affected areas will have until November 7, 2012 to file returns that otherwise would have been due October 31, 2012.

Relief is automatic, with no action required by plan sponsors. In the event a notice for delinquent filing is received, then the impact of Hurricane Sandy should be referenced in the plan sponsor’s reasonable cause statement.  As additional details emerge regarding the storm’s impact, additional filing relief is expected. It is our experience that the regulatory agencies are very sympathetic to the difficulties arising from such events as long as plan sponsors do not take advantage of the circumstances.

Form preparers should check the “Special Extension Box,” and enter a description of the extension on the front page of the Form 5500 or 5500-SF if utilizing the special extension.

If you have any questions regarding Form 5500 relief, please contact Mark Flanagan of Aronson’s Benefit Plan Services Group at 301.231.6257.