The IRS issued a notice on May 28, 2020, extending the deadline for Form 5498 series returns in light of COVID-19 disruption.
The due date for filing and furnishing the following forms is postponed to August 31, 2020, according to Notice 2020-35:
- Form 5498, IRA Contribution Information
- Form 5498- ESA, Coverdell ESA Contribution Information
- Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information
Financial institutions acting as custodians or trustees must provide Form 5498, IRA Contribution Information, each year to those with an individual retirement account (IRA) and the IRS. The form includes information about contributions, rollovers, Roth IRA conversions, and required minimum distributions.
The period beginning on the original due date of those forms and ending on August 31, 2020, will be disregarded in the calculation of any penalty for failure to file those forms.
Penalties with respect to such a postponed filing will begin to accrue on September 1, 2020.
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If you have any questions regarding Notice 2020-35, please contact your Moss Adams professional.
For regulatory updates, strategies to help cope with subsequent risk, and possible steps to bolster your workforce and organization, please see the following resources: