Form 5500s should be the least of your worries during these challenging and scary times brought on by COVID-19/Coronavirus. To keep your focus on your immediate tasks and families, Wrangle has worked extensively to put the following plan in place to make sure your 5500s are completed and e-filed on time.
We continue to work diligently for our brokers and direct clients by:
- Cross-training our staff
- Giving all Associates the ability to work from home as needed, including setting up their phones to take calls (However – emails will be the most effective way to communicate)
- Our internal systems are paperless, and with the online Dashboard, we already track and manage the process continuously
Nevertheless, we encourage you to:
- Be proactive. Review or provide ERISA Plan Data into the Dashboard as soon as possible.
- Communicate with your clients. The extension may be needed this year due to delays from carriers and others, who may not have the means to respond as they normally would.
Will a special extension be granted by the IRS and DOL for the Form 5500s?
- Wrangle spoke to its DOL contact on Friday. The contact stated that as of Tuesday, March 24th, no special extension has been issued. A press release will be shared if a decision is made to grant the special extension. Here is one of the sites that we are monitoring.
- A special extension can only be granted when the President declares a natural disaster. Since the President declared a national emergency on Friday, the 13th, we are in uncharted territory. We here at Wrangle are monitoring the IRS and DOL websites 2-3x per day to check on this. If the President does grant the special extension, we will alert you right away.