Irma’s Impact on Employer Retirement Plans

Irma’s Impact on Employer Retirement Plans
14
Sep

In our last post, we told you how the Hurricane Irma may have affected your tax deadline. But has the storm’s devastation impacted the deadline for retirement plan funding?

The IRS does not specifically address the deadline for accrued retirement plan funding for those allowed an extension of time to file certain tax returns through January 31, 2018 after qualifying for “Individual Assistance” as presented on FEMA website at www.fema.gov/disasters.

However, the tax regulations state “You can make deductible contributions for a tax year up to the due date of your return (plus extensions) for that year.” The tax relief as provided in IR-2017-150 extends the due date of the tax return filing and thereby extends the due date of funding the retirement plan contributions until January 31, 2018.

As always, please reach out to your team at GunnChamberlain with any questions you might have.