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Employee Benefit Plans Report

Prepared by Nate Davenport

Hurricane Michael Extended Tax deadline for affected counties- The tax relief postpones various tax filing and payment deadlines that occurred starting on Oct. 7, 2018. As a result, affected individuals and businesses will have until Feb. 28, 2019, to file returns and pay any taxes that were originally due during this period.

Hurricane Florence Extended Tax deadline for affected counties-The IRS extended deadlines applies to deadlines -- either an original or extended due date -- that occurred on or after Sept. 7, 2018 and before Jan. 31, 2019.

 See the following website for the listing of affected areas.

There has been a lot of discussions and inquires if the provisions under the Disaster Tax Relief and Airport and Airway Extension Act of 2017 will be extended for Hurricanes Michael and Florence. As of now the Act has not been extended.

If these rules are extended, it would allow for:

  1. Distributions of up to $100,000 to be taken versus the $50,000 cap under normal ERISA law.

  2. The limit on a 401(k) loan is 50% of the vested balance up to $50,000 as long as the plan document allows for loans. The Tax act would provide for a one-year delay before loan repayments begin.

I will update everyone if he provisions are extended to Hurricane Michael and Florence

Based on conversations with several ERISA consultants and/attorneys Timing of Remittances will be a continued focus of the DOL in 2019 so if your client cuts it close please remind them on the importance of compliance with all DOL/IRS rules and regulations.