IRS Extends Due Date for Form 5498 Series to August 31

Paul Ogawa
May 29, 2020

Through Notice 2020-35, the IRS further extended the due date for Form 5498 series records including Form 5498 (IRA Contribution Information), 5498-ESA (Coverdell ESA Contribution Information) and 5498-SA (HAS, Archer MSA, or Medicare Advantage MSA Information). The due date for filing these forms with the IRS and furnishing these forms to recipients has been extended to August 31, 2020. The time period between the original due date of these forms and August 31, 2020 will be disregarded in the calculation of penalties for failure to file these forms. Any late filing penalties will accrue beginning on September 1, 2020.

Form 5498 series forms were previously extended through Notice 2020-23, where certain time-sensitive actions described in Revenue Procedure 2018-58 were extended from April 1, 2020 to July 15, 2020. Among those time-sensitive actions was the reporting and furnishing of Form 5498 series forms. This initial move to facilitate reporting was further extended through Notice 2020-35, which explicitly calls out these forms as qualifying for an extension and amplifies the effect of Notice 2020-23.

To review Notice 2020-35 in its entirety, please click.

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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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