Agencies Announce Relief for Tornado Victims

In OK-2013-3, the Internal Revenue Service (IRS) provided relief in connection with filing extensions for Form 5500 series returns as a result of the disaster for taxpayers who reside or have a business in the disaster area. In addition, the Pension Benefit Guaranty Corporation (PBGC) is waiving certain penalties and extending certain deadlines in response to the severe storms and tornadoes that began on May 18 in Oklahoma.  

Businesses in Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie counties that had tax filing deadlines that occurred starting May 18 will have until September 30 to file Form 5500 returns. More information is here.   

If the plan administrator of a plan is a “Designated Person,” according to the PBGC definition, for purposes of assessing any late payment or late information penalty, the agency will treat as timely any premium filing required to be made for the plan beginning on or after May 18 and on or before September 30 if the filing is made by September 30. Thus, for any such filing, PBGC will waive the applicable penalty, but not the applicable interest charge.  

If the plan administrator of a plan that is terminating in a standard termination is a “Designated Person,” any of the plan termination deadlines for the plan that fall on or after May 18 and on or before September 30 are extended to September 30, 2013. If a “Designated Person” is responsible for filing a reportable event post-event notice for which the deadline falls on or after May 18 and on or before September 30, that person’s deadline for filing is extended to September 30.