diff --git a/.isort.cfg b/.isort.cfg
index b18d7ea47b53..f02b0e188e79 100644
--- a/.isort.cfg
+++ b/.isort.cfg
@@ -9,5 +9,4 @@ force_grid_wrap=0
 use_parentheses=True
 
 known_first_party=internal_backend,pants,pants_test
-default_section=THIRDPARTY
-not_skip=__init__.py
+default_section=THIRDPARTY
\ No newline at end of file
diff --git a/examples/.isort.cfg b/examples/.isort.cfg
index 6e7542be5acc..4ccda614be0b 100644
--- a/examples/.isort.cfg
+++ b/examples/.isort.cfg
@@ -9,5 +9,4 @@ force_grid_wrap=0
 use_parentheses=True
 
 known_first_party=example
-default_section=THIRDPARTY
-not_skip=__init__.py
+default_section=THIRDPARTY
\ No newline at end of file
diff --git a/src/python/pants/backend/python/lint/isort/subsystem.py b/src/python/pants/backend/python/lint/isort/subsystem.py
index bc6863a4f167..0e8a685905ec 100644
--- a/src/python/pants/backend/python/lint/isort/subsystem.py
+++ b/src/python/pants/backend/python/lint/isort/subsystem.py
@@ -9,7 +9,7 @@ class Isort(PythonToolBase):
     """The Python import sorter tool (https://timothycrosley.github.io/isort/)."""
 
     options_scope = "isort"
-    default_version = "isort>=4.3.21,<4.4"
+    default_version = "isort>=5.0.0,<6.0"
     default_extra_requirements = ["setuptools<45"]  # NB: `<45` is for Python 2 support
     default_entry_point = "isort.main"
 
diff --git a/src/python/pants/backend/python/rules/coverage.py b/src/python/pants/backend/python/rules/coverage.py
index 84ae4923e7c7..1052e67ffab3 100644
--- a/src/python/pants/backend/python/rules/coverage.py
+++ b/src/python/pants/backend/python/rules/coverage.py
@@ -48,7 +48,6 @@
 from pants.option.global_options import GlobMatchErrorBehavior
 from pants.python.python_setup import PythonSetup
 
-
 """
 An overview: