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EGTRRA Restatements


Scuba 401
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You've already got 4 months--until 4/30/2010--for EGTRRA. Isn't it a good-faith PPA extension you really want?--at least, that's what I'd like to see.

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You've already got 4 months--until 4/30/2010--for EGTRRA. Isn't it a good-faith PPA extension you really want?--at least, that's what I'd like to see.

I mean an extra 3-6 months from april 30. i still have 200 plans to do.

I've heard the IRS may issue an extension to December 31, 2010, which makes sense because we can bundle our HEART Act amendments with our EGTRRA Restatements. I believe when the IRS created the original 2-year schedule, they failed to factor in the amount of time it takes the major plan document providers to program the documents once the documents were approved by the IRS. Our plan document provider just finished programming their documents on Nov. 30, so instead of a 2-year restatement period, we are dealing with a 5-month restatement period (Nov. 30, 2009 to April 30, 2010).

An extension to December 30, 2010 also would mean that we are not mailing a PPA amendment to plan sponsors in December, 2009; an EGTRRA restatement in April, 2010 and a HEART Act amendment in December, 2010. Talk about IRS-induced plan sponsor amendment fatigue.

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Hey, Peanut Butter Man - what kind of source do you have re an extension?

Customer support at my plan document provider - they said they are talking to the IRS about an extension and have contacted ASPPA to ask ASPPA to ask for an extension. Also asked several IRS employees at a conference this past summer, and two said that an extension is being considered.

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There WAS an extension granted, but it's probably not the one you were looking for. I got my hopes up until I read a little further into the announcement.

IRS announcement:

IRS Notice 2009-97

and Corbel's summary:

Corbel summary

that is the PPA extension that was worthless. not the EGTRRA restatement.

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