Profit Sharing Contributions

[Nassau]

Quick question for one of my law firm clients:

What is the deadline for profit sharing contributions? I know it is typically corporate tax filing deadline plus extensions.

However, in this case, the partners of the law firm will be making the contributions individually. Is the tax filing deadline the same, or is it the individuals tax filing deadline?

[John Feldt ERPA CPC QPA]

You are correct, the deadline is the partnership's tax filing deadline plus any extensions. I assume you're talking about a Form 1065 for the partnership.

Consider having the contributions made by the partnership into the plan. Individuals contributing to a plan sounds a lot like a deferral (a lower limit) or like a voluntary after-tax contribution.