Tax Talk – What You Need to Know
Upcoming Compliance Deadlines for Defined Contribution Plans
Reminders for Plan Participants
- Employer contributions due to the retirement plan’s trust for S-corporations and partnerships with December 31 fiscal year-ends, in order to take deductions with no corporate tax extension.
- Forms 1042 and 1042-S due to the IRS to report income tax withheld from distributions made to nonresident aliens and retirement plan distributions made to nonresident aliens.
- Deadline for distributing ADP/ACP refunds without incurring a 10% excise tax on the employer (due 2½ months following the plan year-end).
- Deadline to apply to the IRS for a waiver of the minimum funding standard for defined benefit and money purchase pension plans (due no later than the 15th day of the third month after the close of the plan year for which the waiver is requested).