ComplianceTax & AccountingNovember 20, 2019

South Dakota disaster declaration: IRA and HSA deadlines extended for some

The tax relief postpones until January 31, 2020 certain deadlines falling on or after September 9, 2019 and before January 31, 2020. 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.

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 this reason, the deadline for custodians and trustees to file IRS Forms 1099-R (IRAs), 1099-SA (HSAs), and 1099-Q (CESAs) that report distributions is not extended.

Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 22 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.