Mark Your Calendar
Here are some important dates in the upcoming months. Most of the deadlines are for calendar-year plans; non-calendar-year plans must adjust the dates.
- August 27 - 29: IRS Nationwide Tax Forum – National Harbor, Md.
- September 17 - 19: IRS Nationwide Tax Forum – San Diego, Calif.
- make deductible contributions for 2012 if you file Form 1120 or 1120S and have an extension of your March 15, 2013, filing deadline.
- set up a SEP plan for 2012 if you file Form 1120 or 1120S and have an extension of your
March 15, 2013, filing deadline.
- make final required minimum contributions for 2012 calendar-year money purchase and defined benefit plans for funding.
- elect (or change a standing election) for single-employer defined benefit plans to:
- use funding balances to offset the minimum required contribution for the 2012 plan year,
- credit excess contributions for the 2012 plan year to the plan’s prefunding balance, and
- revoke a previous election to use a funding balance to offset the minimum required contribution for the 2012 plan year, to the extent the election exceeded the full minimum required contribution for the year (only for plans with valuation dates that aren’t the first day of the plan year).
September 30: obtain AFTAP certification from the plan’s enrolled actuary to avoid triggering benefit restrictions under Internal Revenue Code Section 436 through at least the end of 2013 if you sponsor a single-employer defined benefit plan.
- establish a SIMPLE IRA or safe-harbor 401(k) plan for 2013 (newly established businesses may have until later in the year).
- implement any additional benefit restrictions that may apply under IRC Section 436 if you sponsor a single-employer defined benefit plan and haven’t received a certified AFTAP from the plan’s enrolled actuary.
- If Form 5558 filed for a 2½ month extension, file:
- Form 5500, Annual Return/Report of Employee Benefit Plan;
- Form 5500-SF, Short Form Annual Return/Report of Small Benefit Plan; or
- Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan.
- make deductible contributions for 2012 if you file a Form 1040, Schedule C, and have an extension of your April 15, 2013, filing deadline.
- set up a SEP plan for 2012 if you file a Form 1040, Schedule C, and have an extension of your April 15, 2013, filing deadline.
- make third quarter contributions to 2013 calendar-year defined benefit plans.
- elect (or change a standing election) for single-employer defined benefit plans if they lost their standing election because they changed their enrolled actuary.
- make certain one-time elections under the MAP-21 transition rules (see Notice 2012-61 for details).
November 2: employers with a SIMPLE IRA or SIMPLE 401(k) plan must notify eligible employees of their 2014 salary reduction rights and whether the employer’s required contributions will be matching or nonelective contributions.
December 2: give 2014 plan year notice to eligible employees for safe harbor 401(k) plans and plans containing an eligible automatic contribution arrangement.
- set up a retirement plan for 2013 (but can’t have retroactive elective deferrals).
- distribute 2013 required minimum distributions (plans have until April 1, 2014, to pay the first RMD for a participant who turned 70½ in 2013).
- distribute 2012 401(k) excess contributions and excess aggregate contributions (both including income or losses for 2012) without jeopardizing the plan’s tax-qualified status.
- single-employer defined benefit plans must elect to:
- reduce a funding balance for the 2013 plan year.
- revoke a previous election to use a funding balance to offset the minimum required contribution for the 2013 plan year, to the extent the election exceeded the full minimum required contribution for the year (if the valuation date is the first day of the plan year).
January 15: make the 2013 fourth quarter contributions for defined benefit plan.
- file Form 945, Annual Return of Withheld Federal Income Tax. If you made deposits in full payment of the taxes for 2013 by the required deadlines, you may file Form 945 later.
- trustees and custodians must issue Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to recipients of 2013 retirement plan distributions.
- amend for recent law changes and submit the plan for a determination letter, if desired, for an individually designed plan sponsored by an employer with an EIN ending in 3 or 8.