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News
News
January 2, 2018 - Due Dates - Calendar Year Plans
JANUARY
· All Plans 31st 1099-R Forms—1099-R form must be issued to participants who received distributions in prior year.
MARCH
· PYE 12/31 15th ADP/ACP Test Refund—2 1/2 months following the close of the plan year, corrective distributions must be made for failed ADP/ACP tests to avoid an IRS imposed 10% penalty.
· PYE 12/31 15th Contribution Deposit Deadline—2 1/2 months following the close of the fiscal year, deadline for depositing corporate profit sharing or matching contribution if no extension is filed.
· PYE 12/31 15th Corporate Tax Deadline—2 1/2 months following the close of the fiscal year, corporate tax filing deadline if no extension has been filed.
APRIL
· All Plans 15th 402(g) Refund—Distributions must be made for participant deferrals that have exceeded the specific dollar limit applicable for each taxable year.
JULY
· PYE 12/31 31st Form 5500 & Related Schedules Initial Filing Deadline—at the end of the 7th month following the close of the plan year, Form 5500 and related schedules are due.
· PYE 12 31 31st Form 5330—At the end of the 7th month following the close of the plan year, Form 5330 for payment of excise taxes is due.
· PYE 12/31 31st Form 5558—Form 5558 (Application for Extension Time) must be filed for Form 5500 and Form 5330, due on 7/31.
SEPTEMBER
· PYE 12/31 15th Final Contribution Deposit Deadline—8 1/2 months following the close of the fiscal year, final deadline for depositing corporate profit sharing or matching contribution if extension has not been filed.
· PYE 12/31 15th Minimum Funding— 1/2 months following the close of the plan year, final deadline for depositing contributions as necessary to meet minimum funding standards.
· PYE 12/31 30th Summary Annual Report (SAR) - The SAR must be distributed to employees 9 months following the close of the plan year, unless form 5500 has been placed on extension.
OCTOBER
· PYE 12/31 15th Form 5500 Extended Filing Deadline—9 1/2 months following the close of the plan year, Form 5500 with extension is due.
DECEMBER
· PYE 12/31 1st Safe Harbor Notices - if the plan intends to comply with the “safe harbor” rules, Safe Harbor notices must be distributed to employees no later than December 1st.
· PYE 12/31 15th Summary Annual Report (SAR) - The SAR must be distributed to employees 12 months following the close of the plan year, if Form 5500 was placed on extension.
· PYE 12/31 31st ADP/ACP Corrections—12 months following the close of the plan year, corrective distributions and/or QNEC contributions must be made to prevent plan disqualification. Excise taxes of 20% will be due on corrective distributions.
· All plans 31st Minimum Required Distributions—Distribution must occur for Terminated employees over Age 70 1/2 who are not 5% owners regardless of employment status. Active employees over age 70 1/2 who are not 5% owners have the option to receive the distribution or defer until they terminate employment.
*An employee required to take an age 70 1/2 distribution may elect to defer the first distribution until April 15th of the next calendar year, and will be required to take the next distribution by December 31st. All subsequent Age 70 1/2 distributions are required to be taken by December 31st.
NOTE: if you plan does not operate on a calendar year basis, the dates not labeled as “All Plans” will be different for your plan or company. We have indicated the time that you should apply to you plan or company (i.e. 2 1/2 months following the close of the plan year).