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In response to the COVID-19 pandemic, the IRS has released a series of notices extending certain filing, payment and other deadlines. Many of these extensions are described in our recent client alert.
This advisory briefly highlights some of the significant extensions applicable to employee benefit plans and their participants following the IRS' release of Notice 2020-23. Any deadline for an action described below occurring between April 1 and July 14 will be considered timely if the required action is taken on or before July 15:
Notice 2020-23 extends a broad group of employee benefit plan deadlines found in Section 8 of Revenue Procedure 2018-58, 2018-50 IRB 990. While that revenue procedure lists more than 40 deadlines, the impact of Notice 2020-23 is somewhat limited for calendar-year plans. For example, while Notice 2020-23 extends the filing deadline for the Form 5500 series, the extension is not applicable to calendar-year plans because their deadline for filing the applicable Form 5500 is July 31, which falls outside the April 1 to July 14 window. Those with fiscal-year plans will want to review the notice more closely.
If you have any questions regarding the extended deadlines applicable to employee benefit plans or any other employee benefits matter, please reach out to any of the attorneys in Day Pitney's ERISA and Executive Compensation group.
For more Day Pitney alerts and articles related to the impact of COVID-19, as well as information from other reliable sources, please visit our COVID-19 Resource Center.
COVID-19 DISCLAIMER: As you are aware, as a result of the COVID-19 pandemic, things are changing quickly and the effect, enforceability and interpretation of laws may be affected by future events. The material set forth in this document is not an unequivocal statement of law, but instead represents our best interpretation of where things stand as of the date of first publication. We have not attempted to address the potential impacts of all local, state and federal orders that may have been issued in response to the COVID-19 pandemic.
Francine Esposito, Rachel Gonzalez and Laura Schuman co-authored the article, "Negotiating a Successor Collective Bargaining Agreement During a Pandemic," for the New Jersey Law Journal.
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Stephen Ziobrowski was quoted in an article, “C-Corp. Conversions Not Attractive To All Pass-Throughs,” published by Law360.
Heather Weine Brochin was quoted in an article, "Confidentiality Disqualifies Harassment Settlement Tax Deductions," published on the Society for Human Resource Management (SHRM) website.