Client Alerts Key Benefit Plan Tax Reporting Deadlines for April and May

Publication
04.06.20 | By: Larry A. Ruff

The IRS recently postponed some tax-related deadlines that impact employee benefit plans due to the COVID-19 crisis.

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The IRS recently postponed some tax-related deadlines that impact employee benefit plans due to the COVID-19 crisis.

Tax Reporting Deadlines
Date Deadline for:
April 1

This normally would be the deadline for the initial required minimum distribution (RMD) for participants who attained age 70½ in 2019 (applies to qualified plans where the participant is at least a 5% owner and to IRAs). But, due to the coronavirus (COVID-19) pandemic, the CARES Act has waived this RMD requirement.

April 15         

 

This normally would be the deadline for filing of 2019 individual income tax returns and making contributions eligible for deductibility. But, due to the COVID-19 pandemic, the IRS has postponed the deadline to July 15.

April 15

Deadline for corrective distribution of 2019 excess 402(g) deferral limit.

April 15

Normally, the deadline for single-employer defined benefit plans with a funding shortfall to make the first quarterly contribution for 2020. Due to the CARES Act, minimum required contributions are not due until January 1, 2021. However, interest will continue to accrue until the date the payment is actually made.  

May 15 Deadline for filing 2019 Form 990, “Return of Organization Exempt From Income Tax.”
May 15

Deadline for first quarter benefit statements for participant directed accounts.

Note: As of this writing, only the three deadlines noted above have been affected as a result of the COVID-19 pandemic. Check with your tax and benefits advisor for the latest information on the other compliance deadlines listed here.

Related Read: IRS Retirement Plan Adoption and Amendment Deadline Relief as a Result of the CARES Act

For more information, contact Larry Ruff at [email protected] or call him at 312.670.7444.  Visit orba.com to learn more about our Employee Benefit Plans Services. If you would like to receive Client Alerts on timely topics that may affect you and your business, Update your blog preferences.

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