Form 5500 Extension Requirement

I vaguely remember reading that you no longer needed to file a Form 5558 and that the extension was automatic.  Am I mis-remembering something?  Or is it that they can now be filed electronically for the 2024 Plan Year, as opposed to sending the paper filing?

With the deadline on July 31, I wanted to make sure I wasn't just imagining something.

Thanks in advance!

The automatic extension applies only if the Plan Sponsor has extended their corporate return and is only until the due date of the corporate return.  So, the extension may only be until 9/15.  Using this method is more of a fallback method if the Form 5558 filing is accidently missed.

It is a more conservative approach to file the Form 5558 Extension rather than rely on the corporation return being extended.

Plan and plan sponsor also have to have the same tax year to rely on the automatic extension.  Best bet is still to file a 5558

And I'm not sure if there any disaster-related extensions, too.

In their comment letter to the IRS dated May 30, 2025, ARA recommended that the deadline be extended by default.

https://araadvocacy.org/wp-content/uploads/2025/06/ARA-Government-Affairs-Comment-Letter-2025-05-30-Notice-2024-202.pdf

Quote

Annual Report Timing. Currently the Form 5500 for a retirement plan is due by the end of the 7th month following the end of the plan year, but the administrator is entitled to a 2.5-month extension by filing a Form 5558 and is not required to provide a reason or show any need for such an extension. The requirement to file the Form 5558 to receive an extension has created significant burdens in the past as the forms may be processed incorrectly, resulting in incorrect denial letters and late notices to plan sponsors and significant time spent by service providers to remediate the error and assure the plan sponsor. IRC §1024 permits a different deadline to be established in order to reduce duplicative filings. To the extent permitted, exercising this authority to reduce the plan sponsor’s filing requirements by eliminating the Form 5558 and permitting all sponsors to simply file by the 15th day of the 10th month following the end of the plan year would reduce the regulatory burden of compliance and streamline administration of plans.

Thanks everyone!  I'll file them, but I just wanted to be sure that the electronic filing of the 5558 is now acceptable for the '24 Plan Year as well?

2 hours ago, C. B. Zeller said:

In their comment letter to the IRS dated May 30, 2025, ARA recommended that the deadline be extended by default.

https://araadvocacy.org/wp-content/uploads/2025/06/ARA-Government-Affairs-Comment-Letter-2025-05-30-Notice-2024-202.pdf

 

Yes, as per the instructions e-filing the extension is now an option through EFAST. https://www.irs.gov/pub/irs-pdf/f5558.pdf or you can see this on the "new and noteworthy" section of the https://www.efast.dol.gov/ page.