DC Tax Flash: IRS Postpones Excise Taxes Related to Certain Minimum Required Contributions
The Internal Revenue Service (IRS) today announced the postponement of reporting and payment of excise taxes relating to minimum required contributions delayed under section 3608(a) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Specifically, today's action postpones, until January 15, 2021, the due dates for reporting and paying the excise taxes under Internal Revenue Code section 4971(a)(1) and section 4971(f)(1) with respect to certain delayed minimum required contributions to a single employer defined benefit plan.
The IRS explains that the delay is needed "in order to coordinate the due date for reporting and paying the sections 4971(a)(1) and 4971(f)(1) excise taxes with the extended due date for paying the minimum required contributions to which those excise taxes apply (January 1, 2021, pursuant to section 3608(a) of the CARES Act)."
The full text of the IRS announcement is posted here.
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