2020 – 09/11

The IRS has postponed, until Jan. 15, 2021, the due date for reporting and paying the excise taxes on minimum required contributions to a single employer defined benefit plan. The tax is imposed on employers that maintain such plans as follows: 10% of the aggregate “minimum required contributions” remaining unpaid as of the end of any plan year ending with or within a tax year. The announcement overrides the due date on Form 5330 instructions for reporting and paying the excise taxes with respect to a minimum required contribution to which a provision of the CARES Act applies. The postponement doesn’t apply to the due dates for other excise taxes required to be reported on Form 5330.  Please contact us for additional information.  #ExciseTaxes    #EBP    #Form5330