The deadline to make a contribution to a qualified defined benefit plan with a plan year of January 1st – December 31st is September 15th. If you missed this deadline and your plan has unpaid minimum required contributions, the IRS imposes a 10% tax on the aggregate amount of unpaid minimum required contributions.
Even if you missed this important deadline, don’t forget there is another deadline right around the corner. The deadline to file your Form 5500 filing, with an extension, is October 15th for plan years ending December 31st. The IRS imposes a penalty of $25 per day (up to $15,000) for late filings.
Keeping track of your plan’s deadlines doesn’t have to be a headache! We have an annual deadlines calendar on our website to help you that is updated regularly with this month’s and next month’s tasks.
If your business is in an area designated by FEMA as qualifying for disaster relief, the IRS may extend certain filing and/or payment deadlines, such as the Form 5500 filing. You can check the IRS website to see if relief is available.
Feel free to contact an IAI consultant at any time if you have questions about these or any other plan compliance issues.