Newspaper Page Text
Page 8A
- Wednesday, August 3,1994, "Houston Times-Journal
IRS grants ‘94 tax extension
(Atlanta) - The Internal
Revenue Service has granted
relief to taxpayers in the
designated disaster area of the
southeastern United States who
are unable to meet their federal
tax obligations because of the
recent flooding.
Today's release extends the
time for filing with respect to
pension and other employee
benefit plans to October 17,
1994.
The U. S. Department of
Labor’s Pension and Welfare
Benefits Administration also has
jurisdiction in employee benefit
matters and has joined with the
Service in providing the relief
described in this news release.
The extension applies to
plans located in a county
designated by the Federal
Emergency Management Agency
as a Federal disaster area as a
result of the flooding.
In addition, the extension
covers cases where plan
administrators are unable to
obtain the information necessary
for filing from service providers,
banks, or insurance companies
whose operations are directly
affected by the flooding.
Also, the extension applies to
banks and insurance companies
affected by the flooding whifeh
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are required in certain instances
to file reports directly with the
Department of Labor.
The following rules apply in
the case of pension and
employee benefit plan returns
and related excise taxes required
to be filed or paid on or after
July 1, 1994.
Thus, for example,
information returns, such as the
Form 5500 series of returns, and
excise tax returns, such as for
reporting and paying a tax on
prohibited transactions or
reversion of plan period will not
be assessed the late filing or late
payment penalties if the returns
are filed and the taxes paid by
October 17, 1994.
To quality for the extension,
returns and reports must be
marked in red, bold print “Flood
‘“94” on the top center of the
first page of the return or
document.
The report of an employee
benefit plan not located within
the designated disaster area must
also include as an attachment to
the report, the county in which
the service provider is located.
However, taxpayers should be
aware that statutory deadlines
cannot be administratively
extended by the Service.
Under section 404 (a) (6)' of
To qualify for the
extension, returns
and reports must be
marked in red, bold
print “Flood ‘94” on
the top center of
the first page of the
return or document.
the Code, amounts contributed
to qualified employuee benefit
plans may be deducted on the
return for the prior year only if
the contribution is made by the
due date (with extensions) of that
return.
Also, certain contributions
are required to be made to
pension plans by specified dates
under section 412 of the Code.
Similarly, if a distribution
from a plan is to be rolled over
to a qualified plan or Individual
Retirement Account and not
included in income, that rollover
is statutorily required to be made
within 60 days of receipt of the
distribution.
Taxpayers are advised that
they make these contribution or
payments by the statutory
deadlines.
XMAS In July has been
extended due to the Great
Flood of 1994
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