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Deduction Shown on 7/31/20 Filing to Be Used for 2020 Calendar Year?
BenefitsLink Message BoardsLink to more items from this source
May 20, 2021

"A Corp and its DB Plan was a fiscal year end of 7/31 until 7/31/19. The corp switched to a calendar year end by running a short year for 8/1/19- 12/31/2019. Then it had a regular calendar year for 1/1/2020 through 12/31/2020. The plan also should have run a short year 8/1/19 thru 12/31/19, but the administrator forgot to file for the 12/31/19 short year. If the plan files now for 12/31/19, it would need to file with the DFVCP to avoid large late fees.

[1] Can the pension stay with another year of a 7/31 year end? Meaning, file a 5500 for 8/1/19 thru 7/31/2020 and then switch to a calendar year by running a short year of 08/1/2020 thru 12/31/2020.

[2] Regarding the fiscal year end 7/31/2020 (if they can keep the plan with a fiscal year end for an additional year) -- the company can contribute up to $275,000. A contribution was made in March 2021. Can this contribution that was made for the plan year 8/1/19 - 7/31/2020 be used as a deduction for the 2020 calendar year on the corporation's return for 2020 (because the company for 2020 was a calendar year)?"

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