Federal Tax, Tax

The IRS Extends the Deadline for Retirement Plan Amendments

The IRS has extended deadlines for amending eligible retirement plans to reflect COVID-19 legislation. These include the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The new deadline is Dec. 31, 2025, for an IRA, a qualified retirement plan or a nongovernment 403(b) plan. Later deadlines will apply to government retirement plans, such as 457(b) plans. IRS Notice 2022-45 also extends the applicable extended plan amendment deadline. During that period, amendments made by the CARES Act are eligible for relief from the anti-cutback requirements. The same deadline also covers special treatment for early distributions due to COVID-19 or qualified disasters.  Contact us with any questions. © 2022