Pension & Benefits News IRS updates list of time sensitive acts
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Friday, December 21, 2018

IRS updates list of time sensitive acts

By Pension and Benefits Editorial Staff

The IRS has issued an update of its list of time-sensitive acts that may be postponed under Code Secs. 7508 and 7508A. Code Sec. 7508 postpones specified acts for individuals serving in a combat zone or contingency operation. Code Sec. 7508A allows a postponement of the time to perform certain acts for taxpayers affected by a federally declared disaster, or a terroristic or military action.

The time-sensitive acts listed supplement the list of postponed acts described in Code Sec. 7508(a)(1) and IRS Reg. Sec. 301.7508A-1(c)(1)(vii). The update does not provide relief under Code Sec. 7508A for individuals affected by a federally declared disaster, or a terroristic or military action. Such relief is provided only when the IRS publishes a notice or other guidance.

Employee benefit matters impacted by the IRS update include such issues as repayment periods for loans from qualified employer plans, the timing of contributions to IRAs, deadlines for required minimum distributions, time periods for plan participant elections, rollover periods, deadlines for contributions to qualified retirement plans, SEPS, or SIMPLE IRAs, requirements for the repurchase of employer securities, Form 5500 time schedules, and deadlines for self-correction of plan operational failures.

SOURCE: IRS Rev. Proc. 2018-58.

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