The AICPA’s Employee Benefit Audit Quality Center (EBPAQC) recently released an alert providing an update on COVID-19 (Coronavirus) filing relief for employee benefit plans. A summary of the employee benefit plans filing relief is below:

Form 5500 filings 

The IRS has not yet issued a notice of tax filing relief for employee benefit plans, but are expected to do so, including fiscal year plans that file Form 5500 Annual Return/Report. The AICPA has requested relief, and EBPAQC will notify members when and if the IRS publishes notices.  

Union Public Disclosure Reporting (LM Forms)

LM Forms are due 90 days after the end of the labor organizations’ fiscal year. The Department of Labor’s Office of Labor-Management Standards (OLMS) does not have authority by law to grant an extension of time for filing LM Forms. However, the OLMS has issued non-enforcement relief by indicating they will not pursue delinquent or deficient reports when the reporting violations are attributable to COVID-19. Those wishing to take advantage of this relief should contact the OLMS before the due date. 

Certain Form 11-K and Other Filings

The SEC issued an order that provides public registrants (subject to certain conditions) with a 45-day extension to file some disclosure reports that would have been due between March 1, 2020, and July 1, 2020. The conditions noted in the SEC order include:

  • The registrant or any person required to make any filings with respect to such a registrant is unable to meet a filing deadline due to COVID-19 related circumstances;
  • A Form 8-K is filed with the Commission by any registrant relying on the SEC Order.
  • The Division of Corporation Finance should be contacted at their website or by phone at 202.551.3500 for any additional assistance related to deadlines, delivery obligations, or their public filings.

CRI will continue to monitor developments surrounding employee benefit plans filing relief and will update this information if, or when, any legislation is adopted. Please check often for updates.