Extending the IRS Form 5500
January 25, 2007

If you will be extending your IRS Form 5500, a new version of IRS Form 5558 and Instructions was released this month.  This file is a “Fill in Form” that will enable you to input your information and save the form to a local directory.  Here are some things to remember about the extension process from the IRS and DOL websites (as of the date of this post):

• A signature is not required if the extension is for Form 5500 or Form 5500-EZ.
  
  
• The application is automatically approved if:
  
  
• The Form 5558 is filed on or before the normal due date of Form 5500 or 5500-EZ for which this extension is requested, and
• The extension date is no more than 2 ½ months after the normal due date.
  
  
• Approved copies of Form 5558, requesting an extension to file Form 5500 or Form 5500-EZ, will not be returned to the filer from the IRS.  However, a copy of the extension request that was filed must be attached to your filing.
  
  
• If you do not already, you should consider using a delivery method that will provide you with confirmation that the IRS Form 5558 has been received.
  
  
• Send Form 5558 to:
  Internal Revenue Service Center
  Ogden, UT  84201-0027
  
  
• Form 5500 and Form 5500-EZ filers can use the extension of their federal income return instead of Form 5558, if all the following conditions are met:
  
  
• The plan year and the employer’s tax year are the same;
• The employer has been granted an extension of time to file its federal income tax return to a date later than the normal due date for filing the Form 5500 or Form 5500-EZ; and 
• A photocopy of the IRS extension of time to file the federal income tax return is attached to the Form 5500 or Form 5500-EZ. An extension granted under this exception cannot be extended further by filing a Form 5558 after the normal due date of the Form 5500 or Form 5500-EZ.