Certain Mississippi and Alabama taxpayers who were affected by Hurricane Zeta (which began on October 28, 2020) may take advantage of tax deadline relief under IRS guidance. The extension includes Form 5500 filing deadlines for employer-sponsored employee benefit plans. George, Greene, Hancock, Harrison, Jackson and Stone counties in Mississippi are currently included in the disaster relief area. Alabama businesses in Clarke, Dallas, Marengo, Mobile, Perry, Washington and Wilcox counties qualify for this relief as well.
Affected businesses with upcoming deadlines for filing 5500s (and certain tax filings) that fell between October 28, 2020 and March 1, 2021 now have until March 1, 2021 under the special extension. (If additional counties are added to the listing, they will be updated on the IRS disaster relief website.) Employers who believe they may be eligible to take advantage of this disaster relief should consult with their tax advisors.
Employers who are unable to file their employee health and welfare benefits 5500 forms (with original or extended 5500 deadlines falling between the above dates) are encouraged to reach out to their Hays Companies service team. They will provide assistance to plan sponsors to ensure Form 5500 is correctly prepared to take advantage of the special extension and avoid late filing penalties.
This document is provided for general information purposes only and should not be considered legal or tax advice or legal or tax opinion on any specific facts or circumstances. Readers are urged to consult their legal counsel and tax advisor concerning any legal or tax questions that may arise.
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