IRS Extends Due Date for 5498 Forms to July 15

Paul Ogawa
April 15, 2020

Making the announcement through Notice 2020-23, the IRS has extended the due date for a number of taxpayer actions which include filing Forms 5498, 5498-QA, 5498-ESA, and 5498-SA.

Citing to a list of taxpayer acts found in Revenue Procedure 2018-58, affected taxpayers are granted an extension of time relating to “time-sensitive acts” due to be performed on or after April 1, 2020 and before July 15, 2020. These acts include filing the listed 5498 forms. This new due date for these 5498 forms listed above is July 15, 2020, which is granted automatically to all affected taxpayers for both paper and electronic reporting.

Furthermore, acts related to the information reported on these affected forms also benefit from the relief provided by Notice 2020-23: this includes the 60-day deadline for eligible rollover distributions to eligible retirement plans including IRAs and distribution of excess deferrals and related income and excess aggregate contributions and related income. Any of these actions that were due to be performed on or after April 1, 2020 and before July 15, 2020 are now automatically postponed to July 15, 2020.

To review Notice 2020-23 in full, please click here. To see the associated list of time-sensitive acts, see Revenue Procedure 2018-58 here.

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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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