December 31, 2021, is the deadline for amending qualified retirement plans to reflect certain law changes (e.g., changes in hardship distribution rules) from 2019. A list of required amendments by this date may be found here. If you have a prototype plan (one created by the financial institution with which you have your plan), amendments will be made by the institution. If you have an individually designed plan, watch the deadline. Note: Amendments for 2021, which generally must be done by December 31, 2023, can be found here. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
Footer
BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.