Reminder! What Does September 15th Mean For Your 401k Plan?

For many companies their corporate tax filing deadline was extended to September 15th. So what does this mean for your 401k plan? The first implication is that any employer contributions for the 2009 calendar plan year need to be deposited by September 15th in order to receive a tax deduction. In regards to your Form 5500 if you have yet to file the Form and failed to file an application for extension form 5558 then your deadline is also September 15th. Failure to file your IRS form 5500 in a timely manner could result in penalties from the IRS and DOL of up to $1100.00 per day. Should you fail to file your Form 5500 in a timely manner, it is recommended that you utilize the DOL’s delinquent filer program which will reduce your penalties. Further information can be found here:

http://www.dol.gov/ebsa/newsroom/0302fact_sheet.html

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