ComplianceTax & AccountingAugust 07, 2020

Michigan disaster relief: IRA and HSA deadlines extended for some

Due to severe storms and flooding beginning on May 16, 2020 in parts of Michigan, the Internal Revenue Service (IRS) announced that affected taxpayers will receive tax relief.

The tax relief postpones until October 15, 2020 certain deadlines falling on or after May 16, 2020 and before October 15, 2020 for affected taxpayers. Deadlines that apply to individual retirement accounts (IRAs), Health Saving Accounts (HSAs), Coverdell Education Savings Accounts (CESAs), and other tax-advantaged accounts that fall within this time period are extended. Among other things, this also means that affected taxpayers have until October 15, 2020 to make 2019 IRA contributions. The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

Please note that unless an act is specifically listed in Revenue Procedure 2018-58, the postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits.

For an opportunity to learn more about IRAs and other tax-advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider our on-demand video training offered on a variety of topics. Go here to learn more about training opportunities available to you, or you can call us at 1-800-552-9408.

Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 24 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.