Another Extension for 5500 filing

[LCARUSI]

I have a client who might not have all the data to file a 5500. They are on extension to 10/15 (using form 5558).

What form is used to requesta second extension? How much time do you get and is the request generally granted?

[Guest Bill]

Better find the data because you cannot get an extension beyond 10/15.

[Guest Beavis]

If you can't come up with the data you need, your best bet is to file the 5500 by 10/15 anyway. Take your best shot at answering the questions with the data you have. Then file an amended return later when you do have all the right info.

You won't get an extension beyond 10/15 and this approach beats paying daily penalties.

[Guest boetgerinc]

You can submit another IRS Form 5558 asking for a second extension, however the IRS will deny the request and tell you to file immediately. However you will have bought yourself the additional time that it takes for the IRS to respond to you.

This is not recommended, but it does buy you a little time.

[This message has been edited by boetgerinc (edited 10-15-98).]

[Guest Beavis]

Will the IRS still try to apply daily penalties or will you have to try to talk them out of it? Just curious.

[Guest Laura]

You've got big problems if you don't file today. Penalties will start to roll from July 31 if you don't make the 10/15 deadline. I agree with the respondent who said you are best off sending an incomplete filing.

[LCARUSI]

Thank you to everyone for your responses. The form was completed and filed on 10/15.

The client originally said he "didn't have time" to thnk about the 5500 and would gladly pay a penalty for being a few days late after 10/15. Based on Laura's comment, it's a good thing we didn't do that, or the penalty would have been assessed from 7/31 and not 10/15. I wasn't aware of that!

[Guest John Smith]

It is my understanding that if a plan fails to meet the 10/15 extension deadline for a 5500 filing, then the Labor Regulations state that the DOL imposed penalties are retroactive to 7/31. However, the Treasury Regulations state that the IRS imposed penalties will be assessed starting on 10/15. Is this correct? It is also my understanding that the DOL rarely imposes their penalty, but that the IRS often does. Is this consistant with what anyone has experienced?