Although the Tax Forms ("5500's") are due 7/31 each year, some plans choose to get an extension. (It's an auto-approval.) The extended due date is 10/15. Many of our stressful October 14's (i.e., the day before the extended due date) revolve around late audits that aren't quite ready. These are necessary and hassly.  The fact that they are potentially late may not be the auditors' fault, as it could involve late or missing data, among other things.

So, what do we do if the due date has arrived, but the audit has not? As you can imagine, this is a hot topic within our industry. (Auditors, feel free to chime in here if you wish.)

There are a couple of potential approaches to this/be careful. That is what makes this so interesting. One approach is to wait until the audit is complete, and then file the complete 5500 with the audit attached, but late. They have a voluntary "late filing" procedure, ("DVFC") for late filers, and you can escape (further) penalty by payment of a $ 1,500 fee, with this extra filing.

Another approach is to file the 5500 Form on time, but without the (required) audit attached. This will trigger a letter from the DOL telling you that the audit is missing and late. That letter will require a reply within 45 days, so you can explain the situation. There is one serious mistake that you can make here – you must (timely) respond to their letter! There is no second chance here, and if you don't reply promptly, then you lose the ability to negotiate a lower penalty later.

So, there are two schools of thought here, and you should discuss this with your Analyst/Consultant to see which fits you the best.