Hojo Posted September 2, 2021 Posted September 2, 2021 I'm seeing that there is relief for the 5500 filing due date for those impacted by Hurricane Ida but I wanted to verify that this does not currently extend the date required contributions are due past September 15th. I don't believe it has, but wanted to double check.
Lois Baker Posted September 2, 2021 Posted September 2, 2021 This might be relevant here: https://www.federalregister.gov/documents/2021/06/11/2021-12311/mandatory-60-day-postponement-of-certain-tax-related-deadlines-by-reason-of-a-federally-declared
SSRRS Posted September 14, 2021 Posted September 14, 2021 Metsfan026 posted this on the 401K Section in regard to contributions being extended beyond September 15th. I just want to make sure I'm reading all of this correctly. Under the Hurricane Ida Relief it says: The IRS also gives affected taxpayers until January 3, 2022 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2018-58, 2018-50 IRB 990 (Dec. 10, 2018), that are due to be performed on or after September 1, 2021, and before January 3, 2022, are postponed through January 3, 2022. As part of Treas. Reg. § 301.7508A-1(c)(1) it says: (c) Acts for which a period may be disregarded—(1) Acts performed by taxpayers. Paragraph (b) of this section applies to the following acts performed by affected taxpayers (as defined in paragraph (d)(1) of this section)— (iii) Making contributions to a qualified retirement plan (within the meaning of section 4974(c)) under section 219(f)(3), 404(a)(6), 404(h)(1)(B), or 404(m)(2); making distributions under section 408(d)(4); recharacterizing contributions under section 408A(d)(6); or making a rollover under section 402(c), 403(a)(4), 403(b)(8), or 408(d)(3); Paragraph (b) discusses the delayed deadline. So does this mean contributions due by 9/15 are delayed to January 3? Thanks in advance everyone! Quote
thepensionmaven Posted December 16, 2021 Posted December 16, 2021 Are you speaking of deduction or minimum funding? Minimum funding is not covered by IRS; you still only have 8.5 months after the end of the plan year to meet minimum funding. Most accountants do not understand the difference.
Mike Preston Posted December 20, 2021 Posted December 20, 2021 On 12/16/2021 at 1:03 PM, thepensionmaven said: Are you speaking of deduction or minimum funding? Minimum funding is not covered by IRS; you still only have 8.5 months after the end of the plan year to meet minimum funding. Most accountants do not understand the difference. In the case mentioned I thought minimum funding was extended?
metsfan026 Posted December 22, 2021 Posted December 22, 2021 Did we establish if the contribution for a Defined Benefit Plan were extended to January 3? I believe that they were, but I wanted to be 100% sure before going back to an accountant who is asking me for one of their clients (luckily, all of my plans were able to get done on time). Thanks!
C. B. Zeller Posted December 22, 2021 Posted December 22, 2021 The minimum funding deadline (IRC 430(j)(1)) is not covered under rev proc 2018-58. The deadline to make a deductible contribution for a given year (IRC 404(a)(6)) however, is covered under the rev proc and under 301.7508A-1. Worth mentioning in this thread that the January 3 deadline was just further extended to February 15. https://www.irs.gov/newsroom/hurricane-ida-tax-relief-extended-to-february-15-for-part-or-all-of-six-qualifying-states Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
Zimkap Posted December 22, 2021 Posted December 22, 2021 The announcement did not mention the 5500 specifically, hope that they end up stating that as well.
C. B. Zeller Posted December 22, 2021 Posted December 22, 2021 The 5500 and 8955-SSA (IRC 6057, 6058, and 6059) are covered under the rev proc so there should be no need for them to be mentioned specifically. Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
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