Benefits & ERISA Law

IRS Settles Debate Over March 15th or March 17th

By Suzanne Wynn

With March 15th, 2008, falling on a Saturday, there has been an ongoing debate over whether March 15th is the applicable deadline, or whether the deadline automatically is extended to Monday, March 17th.

In the latest edition of Retirement News for Employers, Vol. 4, Winter 2008, released last Friday, February 15, 2008, by the IRS, the IRS lists these dates as some of the important deadlines coming up for calendar-year plans:

“March 15:

- Application of Waiver for Minimum Funding Standard for defined benefit plans due.

- ADP/ACP distributions of excess amounts, with earnings, due to participants to avoid 10% excise tax.

March 17:

Note: The following usually are due on March 15, which falls on Saturday in 2008

- Forms 1042S, Foreign Person’s U.S. Source Income Subject to Withholding, and 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, due to IRS to report retirement plan distributions and income tax withheld from disttributions made to nonresident aliens.

- 2007 corporate employer contributions due in order to take tax-deduction (with no corporate filing extension).”

If you feel these dates are incorrect for calendar year plans, the IRS is accepting questions by both telephone and email. You can call the IRS EP Customer Service line at 877-829-5500 or you can email the IRS at RetirementPlanComments@irs.gov.

Technorati Tags: Pension Protection Act, ppa, ADP, ACP, IRS, Form 1042, Form 1042S, ERISA

Full post as published by Pension Protection Act Blog on February 19, 2008 (boomark / email).