Retroactively adopted plans that filed Form 5558 extensions; Form 2848 for Form 5330 tips; Latest issue snapshots
Internal Revenue Service (IRS) sent this bulletin at 09/22/2021 10:23 AM EDT
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Retroactively Adopted Plans that Filed a Form 5558 Extension Section 201 of the SECURE Act provides that employers that adopt a retirement plan by the due date of their 2020 tax return, including extensions, may elect to treat that plan as being effective for the employer’s 2020 tax year. In an Employee Plans News article published on August 6, 2021, the IRS clarified that plans retroactively adopted after the end of the plan year have no 2020 Form 5500 series return filing requirement. Plan sponsors that already submitted a Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, for these retroactively adopted plans will not establish a 2020 Form 5500 filing requirement. Filing the Form 5558 does not result in an IRS delinquency notice if no 2020 Form 5500 was filed for the plan specified in the Form 5558. Delinquency notices are based on when the Form 5500 series return is filed, not the filing of the Form 5558. See the Form 5500 Corner for more information on filing your Form 5500 series returns. Form 2848 If you represent a taxpayer who needs to file a Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, information on Completing Power of Attorney Form for Form 5330 will help you complete the form for the specific excise taxes involved. Issue Snapshots Issue Snapshots are technical discussions of retirement plan issues and include technical resources along with audit tips and issue indicators. The most recent Issue Snapshots from Employee Plans are:
Find answers to many of your retirement plan or IRA questions at IRS.gov/Retirement. If you need help with an account-specific question, basic information about retirement plan forms or the status of pending applications, call our Customer Account Services at 877-829-5500. For the latest retirement plan news, connect via IRS Social Media and subscribe to this and other IRS newsletters. This message was distributed automatically from the mailing list Employee Plans News. Please do not reply to this message. |
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