IRS Extends Filing Due Date for 5498 Form Series

Paul Ogawa
April 8, 2021

The IRS recently published Notice 2021-21 which extends a number of due dates as a form of relief pursuant to 26 U.S.C. 7508A(a). Due to the ongoing COVID-19 emergency the Secretary of Treasury has been granted the authority to provide relief in the form of extended due dates for certain returns and forms, including the 5498 series of forms.

Form 5498 series filers are deemed to be Affected Taxpayers for the purpose of Notice 2021-21, so the due date for filing and furnishing Form 5498 series forms has been postponed to June 30, 2021: these forms include Form 5498, Form 5498-ESA, and Form 5498-SA. The period between the original due date and June 30, 2021 will be disregarded in the calculation of any penalties for failure to file these forms, and penalties with respect to postponed filing will begin to accrue on July 1, 2021 after the extended due date.

Notice 2021-21 also extends the due date for filing and payment of individual income tax returns including Form 1040 series from April 15, 2021 to May 17, 2021. The period between those dates will also be disregarded in the calculation of any interest or penalties for failure to file and pay the applicable income tax requirements.

Federal returns other than the 1040 and 5498 series for the 2020 taxable year remain due on their existing due dates.

To review this notice in its entirety, please click here to visit the IRS online.

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Author

Paul Ogawa

Paul Ogawa is a Senior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.
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