Important Q4 Dates & Deadlines for Benefit Plan Sponsors

So, here’s a quick recap of the key dates and deadlines for this last quarter of 2024. You can download a full, year-long “Business Benefit Plan Sponsor Cheat Sheet”. From distributing tax forms to filing annual reports, this comprehensive guide helps ensure you don't miss any critical milestones in administering your company's benefit plans. 

Important Dates and Deadlines for The Fourth Quarter 

January 31: This is the deadline for filing IRS Form 945 for 2023 non-payroll income taxes and Form 1099-R to participants for 2023 distributions. These forms are crucial for tax reporting purposes, ensuring that both the IRS and plan participants have accurate records of distributions and taxes withheld. 

March 15: This deadline is for processing ADP/ACP test refunds for highly compensated employees and filing employer contributions (Partnership and S Corps without extension). It's important for maintaining the plan's qualified status and ensuring compliance with non-discrimination rules, while also allowing certain business entities to make timely contributions. 

April 1: This is the deadline to file Form 1-K with SEC (if applicable) and file Form 1099-R electronically with IRS. It's also the RMD deadline for those turning 73 in 2023. These filings are essential for regulatory compliance and ensuring that the required minimum distributions are properly handled for eligible participants. 

April 15: This date marks the deadline for refunding excess contributions (402(g) or 415 limits), filing PBGC Form 4010 (if applicable), and C Corporations and Sole Proprietors without extension to make prior year IRA contributions. It's a critical deadline for correcting over-contributions and ensuring proper reporting to pension insurance entities, as well as allowing certain business structures to maximize their retirement savings for the previous year. 

July 31: The deadline for filing Form 5500 and Form 8955-SSA, or Form 5558 for an extension if needed. These forms are essential for reporting plan information to the government and participants, ensuring transparency and compliance with ERISA regulations.

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September 15: This is the extended deadline for employer contributions (with extension) and last date for 2023 defined benefit plan contributions. It's important for allowing businesses additional time to make contributions and ensuring defined benefit plans are properly funded for the year. 

October 1: December 2: This period is for distributing annual notices including Safe Harbor, Auto Enrollment, and QDIA. These notices are crucial for informing participants about important plan features and their rights, helping to maintain regulatory compliance and participant engagement. 

October 15: This is an extended deadline for several items including Form 5500 and 8955-SSA, C Corp and individual tax returns, final ADP/ACP corrections, opening SEP plans (extended filing), and PBGC Premium filings and payments. This date is critical for businesses and individuals who needed extra time to complete these important filings and corrections, ensuring ultimate compliance with various regulatory requirements. 

December 31: The final deadline of the year for processing corrective distributions for failed ADP/ACP testing, processing RMDs, and making various plan amendments. This date is crucial for making final corrections to maintain plan qualification, ensuring required distributions are made, and implementing necessary plan changes before the new year begins. 

Quarterly Deadlines (January 15, April 15, July 15, October 15): These are the deadlines for quarterly contributions due for Defined Benefit/Pension Plans. Regular contributions are essential for maintaining the funding status of these plans and ensuring they can meet their future benefit obligations to participants. 

At WHZ Strategic Wealth Advisors, we understand the complexities business owners face in managing employee benefits alongside their many other responsibilities. Our team of experienced advisors can help you navigate these requirements and optimize your benefit offerings.  

We are committed to helping business owners achieve financial success with “Absolute Confidence. Unwavering Partnership. For Life.” Schedule a complimentary consultation on our website at whzwealth.com or give us a call at (860) 928-2341 to learn more about how we can support you on your business and personal financial journey. 

Presented by Principal/Managing Partner & Chief Strategist James Zahansky, AWMA®. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084, 860.928.2341. http://www.whzwealth.com These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your financial advisor. WHZ Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice.