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.
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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.