Guest Jeff P Posted July 23, 1999 Posted July 23, 1999 If a 12/31 plan/tax year end company files for an extension of their federal income taxes to Sept.15, can a form 5558 then be filed to extend the 5500 to Oct.15, or is the 5500 C/R automatically due Sept.15?
Guest Ray Williams Posted July 23, 1999 Posted July 23, 1999 A 5558 must be filed no later than Juy 31 in order to receive an extension to 10/15. If you do not file the 5558 timely you are not entitled to the extension
LCARUSI Posted July 23, 1999 Posted July 23, 1999 Assuming the plan year and company fiscal year are exactly the same (12/31), I believe the corporate extension to 9/15 gives you an automatic extension to 9/15 on the 5500. If you want the extension on the 5500 beyond 9/15, you can use the 5558 for the extra month, but as Ray said, you must file it by 7/31 and not by 9/15.
LCARUSI Posted September 1, 1999 Posted September 1, 1999 From the original due date, which is 7/31 and not 8/2 (if we're talking about 1999)
Jean Posted September 1, 1999 Posted September 1, 1999 How is a penalty calculated when you do file a timely extension but still do not file by 10/15? Is the penalty calculed from the original due date (8/2/99) or 10/15/99? In addition, does the number of days include sat / sun or just business days?
Guest Juice Posted September 9, 1999 Posted September 9, 1999 Since 7/31 fell on a weekend isn't the 5500 due on the first business day after 7/31, which would be 8/2?
Guest TrustMe401k Posted September 9, 1999 Posted September 9, 1999 According to IRS guidance we received earlier this year, only deadlines that refer to specific dates (ie April 15th) are given the grace period if that date falls on a weekend. Deadlines that specify a length of time, (seven months after the end of the plan year), such as those for the 5500 forms, do not qualify. Forms and/or extensions were due July 30, 1999.
Guest derek Posted September 9, 1999 Posted September 9, 1999 jehmig - can you direct me to that guidance? Was it buried it some IRS announcement or was it provided in a conversation with a particular IRS agent.
John A Posted September 10, 1999 Posted September 10, 1999 While it isn't crystal clear, IRS Publication 509 October 1998 Tax Calendars for 1999, would seem to imply that the due date for calendar year 5500s is August 2, 1999, not July 31.
Guest TrustMe401k Posted September 10, 1999 Posted September 10, 1999 Derek-No I can't tell you exactly where to find this information. This came from an IRS agent who was auditing a plan that we are TPA for. Anyone else who know? I would like to see the citation myself.
John A Posted September 20, 1999 Posted September 20, 1999 jehmig, please check IRS Code Section 7503 and Federal Tax Regulation 301.7503-1.
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