The IRS lately issued Notice 2021-23, expanding on previously issued steering extending positive tax filing and price cut-off dates in reaction to the unconventional coronavirus (COVID-19) disaster. This accounting services in houston applies to precise filing duties and different “distinctive moves” that might in any other case be due on or after April 1, 2021, and earlier than July 15, 2021. It extends the due date for specified movements to July 15, 2021.
Specified moves encompass any “designated time-sensitive motion” indexed in Revenue Procedure 2018-fifty eight, consisting of many referring to employee gain plans. The relief applies to any character required to perform exact actions inside the remedy window, and it’s automatic — your business doesn’t need to document any form, letter, or other requests with the IRS.
Filing extensions beyond July 15, 2021, may be sought using the best extension form, however the extension received go beyond the authentic statutory or bookkeeping services in houston. Here are some highlights of Notice 2021-23 especially related to employee advantage plans:
Form 5500
The relief window covers Form 5500 filings for plan years that ended in September, October, or November 2021, in addition to Form 5500 time limits inside the window as a result of a formerly filed extension request. These filings are actually due via July 15, 2021. Notably, the relief window does no longer encompass the July 31, 2021 due date for 2021 Form 5500 filings for calendar-yr plans. Those plans might also search for a regular extension the use of Form 5558.
Retirement Plans
The extended time limits apply to accurate extra contributions and extra combination contributions (based totally on non-discrimination trying out) and excess deferrals. They also practice to:
Plan mortgage repayments.
The 60-day time frame for rollover of entirety.
The cut-off date for filing Form 8955-SSA to record information on separated plan participants with undistributed vested advantages.
The remedy for extra deferrals is a change from preceding steerage indicating that 2021 extra deferrals still had to be corrected with the aid of April 15, 2021. In addition, whilst mortgage remedy is already available to positive individuals for unique motives associated with COVID-19, this relief appears to apply more widely — albeit for a shorter duration. The Form 8955-SSA due date is similar to for the plan’s Form 5500, so the extension applies in an accounting services in arlington.
Health Savings Accounts (HSAs)
The note extends the 60-day time frame for finishing HSA or Archer Medical Savings Account (MSA) rollovers. It also extends the closing date to report HSA or Archer MSA contribution records with the aid of submitting Form 5498-SA and furnishing the statistics to account holders. The regular cut-off date for the 2021 Form 5498-SA could be June 1, 2021, placing it squarely inside this alleviation length.
Additional Help with Notice 2021-23
Business owners and their plan directors need to carefully evaluate Notice 2021-23 alongside Revenue Procedure 2018-fifty eight to decide exactly what comfort can be available. For instance, the bookkeeping services in arlington technique covers various cafeteria plan gadgets, however many cut-off dates might also fall outdoor the attention window. We can offer you with further facts approximately this, COVID-19 refundable tax credit, or different styles of federal relief.
