|15th December 2020|
|Extended deadline for distributing summary annual report (SAR) to participants.|
|Deadline for a plan to make ADP/ACP corrective distributions and/or to deposit qualified nonelective contributions (QNEC) for the previous plan year with a 10% excise tax.|
|Deadline to adopt discretionary amendments to the plan, subject to certain exceptions (e.g. anti-cutbacks).|
|1st February 2021|
|Deadline to file IRS Form 945 to report income tax withheld from qualified plan distributions made during the prior plan year. The deadline may be extended to February 10th if taxes were deposited on time during the previous year.|
|Deadline to distribute Form 1099-R to participants and beneficiaries who received a distribution or a deemed distribution during the previous year.|
|Deadline to file IRS Form 945 to report income tax withheld from qualified plan distributions made during the previous year if taxes were paid timely.|
|1st March 2021|
|Deadline for filing Form 1099-R with the IRS along with Form 1096 to report distributions made in previous year, if filing by paper.|
|Deadline for processing corrective distributions for failed ADP/ACP tests without a 10% excise tax for plans without an Eligible Automatic Contribution Arrangement (EACA).|
|Deadline for filing Form 1099-R with the IRS to report distributions made in previous year, if filing electronically.|
The CARES Act gives the DOL the authority to delay retirement plan deadlines due to public health emergencies. The dates above are in effect as of the date of this publication.
This newsletter is intended to provide general information on matters of interest in the area of qualified retirement plans and is distributed with the understanding that the publisher and distributor are not rendering legal, tax or other professional advice. Readers should not act or rely on any information in this newsletter without first seeking the advice of an independent tax advisor such as an attorney or CPA.
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