IRS With a Heart (and a Brain)

For any pension actuaries out there especially worried about October 15 this year in light of the SECURE Act allowing plan adoptions up to that date, the IRS came through big time.

In the August 6 issue of Employee Plans News, the IRS answered the call. The IRS explains that if a plan sponsor adopts a plan during the employer’s 2021 taxable year (but not later than the due date, including extensions, for filing the employer’s 2020 tax return) and elects to treat the plan as having been adopted as of the last day of the employer’s 2020 taxable year, it will not be required to file a Form 5500 with respect to the plan for the plan year that begins during the employer’s 2020 taxable year. Instead, the IRS notes, the first Form 5500 required to be filed with respect to the plan will be the 2021 Form 5500. 

You’re up, PBGC.

2 responses to this post.

  1. Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on August 7, 2021 at 7:47 pm

    Hey, where is the Monkey Boi? I have a CA gas price Pupdate for him… 😺 Here you go Brainiac, $6.54 a GALLON! Put that into your stinky Bong and take a few hits 🐒🍌🐒

    Reply

    • Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on August 9, 2021 at 12:33 pm

      I knew Monkey Boi would stick his tail between his legs and run for cover after I posted the TRUTH about CA gas prices…⏫⏫⏫

      Reply

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