Tax Talk – Winter 2024

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Welcome to the latest edition of Tax Talk. In this issue, we highlight upcoming crucial compliance deadlines and also provide a quick reminder for plan participants. (Dates below are for calendar year plans and companies.)

Upcoming Deadlines

• January 17th:
  • Deadline to submit participant data for annual compliance testing.
• January 31st:
  • Deadline for sending Form 1099-R to participants who received distributions from a qualified retirement plan during the previous year.
• February 28th:
  • Deadline for filing Form 1099-R with the IRS, if not filed electronically, to report distributions made in the previous year.
• March 15th:
  • Employer contributions due for S corporations and partnerships if not extending tax returns.
  • Deadline for processing ADP/ACP refunds
    • Note: the deadline is June 30th for plans satisfying the requirements of an Eligible Automatic Contribution Arrangement (EACA).
  • Deadline to apply to the IRS for a waiver of the minimum funding standard for defined benefit and money purchase pension plans
• Review and Revise Beneficiary Designations
  Remind your plan participants to periodically review and update their beneficiary designations. Important life events such as marriage, divorce, and having kids can be a reminder to ensure that a participant’s retirement account will be left in the right hands. Beneficiary designations in a retirement plan supersede other outside documentation, such as wills.

Partnering for Your Success
As always, Alliance Pension Consultants is here to support you and your employees. Please contact your Alliance representative for additional information.