- #Breach and clear deadline decisions walkthrough update
- #Breach and clear deadline decisions walkthrough series
The extended deadline applies to amendments that fix any disqualifying provisions that existed during the six-year amendment period that was to end on April 30. The IRS has also extended to July 31 the April 30 deadline for a retirement plan sponsor to adopt an updated preapproved defined benefit plan document. The IRS has extended to June 30 the March 31 deadline for a retirement plan sponsor to adopt an updated preapproved or individually designed 403(b) plan document.
#Breach and clear deadline decisions walkthrough update
Q: Has the IRS provided any extensions to looming 2020 deadlines for retirement plan sponsors to update 403(b) plans and preapproved defined benefit plan documents? (Updated June 5, 2020)Ī: Yes.
Notice 2020-35 also provides for a moratorium on the accrual of interest and penalties for failure to file a Form 5330 (relating to various excise taxes) or to pay the related tax from March 30, 2020, through July 15, 2020. the annual update of a funding improvement or rehabilitation plan and its contributions schedules and related filing with the annual return.the adoption of a funding improvement or rehabilitation plan and related notice to bargaining parties, and.the certification of funded status and related notice to interested parties,.
For multiemployer defined benefit pension plans, the deadlines for:.requesting approval of a substitute mortality table.filing applications for funding waivers, and.For single-employer defined benefit pension plans, the deadlines for:.The deadline for implementation of corrective actions and adoption of corrective amendments required by a compliance statement issued pursuant to the Voluntary Correction Program of the Employee Plans Correction Resolution System (EPCRS).As under Notice 2020-23, the relief generally extends these deadlines to July 15, 2020: Subsequently, in IRS Notice 2020-35, the IRS issued further relief for additional employee benefit plan-related deadlines. No interest, penalties or additions to tax will accrue with respect to eligible postponed filings and payment obligations however, interest, penalties or additions to tax will begin to accrue on July 16, 2020, if the filing and payment obligations are not met or appropriately extended by July 15. If Affected Taxpayers require additional time to file, they should file the appropriate extension form by July 15, 2020, to obtain an extension to file their return such an extension date may not go beyond the original statutory or regulatory extension date. Affected Taxpayers need not call the IRS nor file any extension forms or send letters or other documents to receive this relief. Notice 2020-23 notes that this relief is automatic. Correction periods for self-correction of operational failures.Deadlines for distributing excess deferrals.Cafeteria plan election and forfeiture deadlines.Deadlines for making rollover contributions.Qualified plan loan repayment deadlines.Form 5500 filing deadlines (but note that this does not provide any relief with respect to calendar year plans due to the general filing deadline for such plans).This reference has the effect of extending to July 15, 2020, a host of employee benefit plan deadlines that would otherwise fall within the noted time range, including (but not limited to) the following: 2018-58 is considered an Affected Taxpayer for this purpose. More generally, Notice 2020-23 states that any person performing a “Time-Sensitive Action” listed in Rev. Under IRS Notice 2020-23, an individual with a federal tax payment obligation or federal tax return or other form filing obligation specified in the notice that is due to be performed on or after April 1, 2020, and before July 15, 2020, is considered an “Affected Taxpayer” and may postpone such obligation until July 15, 2020.
#Breach and clear deadline decisions walkthrough series
In addition to the benefit plan-related relief issued under IRS Notice 2020-18 (see our FAQ updated on June 2, below), the extended deadlines for updating 403(b) and preapproved defined benefit plan documents and changes to related remedial amendment periods (see our FAQs, below), and the extended deadlines for filing the Form 5498 series (relating to IRAs, education savings accounts, health savings accounts, Archer medical spending accounts and Medicare Advantage MSAs) (see our FAQ below), the IRS has issued relief for certain employee benefit plan-related filing, correction and contribution deadlines. Q: Has the IRS issued any additional employee benefit plan-related deadline relief? (Updated June 5, 2020)Ī: Yes.
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