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IRS Announces Postponed Deadlines for Time-Sensitive Acts for Oklahoma Winter Storm Victims

(February 25, 2021) On February 22, 2021, the IRS issued News Release IR-2021-43 to provide “affected taxpayers” relief with postponed June 15th deadlines for the completion of certain time-sensitive acts many of which are related to IRAs, employer plans, HSAs, or Coverdell ESAs. Under the relief, time-sensitive acts referenced in News Release OK-2021-01 with a due date to be performed on or after February 8, 2021, and before June 15, 2021, are postponed until June 15, 2021.

The time-sensitive acts identified in News Release OK-2021-01 that are eligible for the extended deadline include any actions listed in in either Treasury Regulation 301.7508A-1(c)(1) or Revenue Procedure 2018-58. Some of the time-sensitive acts relating to IRAs, employer retirement plans, HSAs and Coverdell ESAs with a due date that fall within this time frame include acts performed by individuals while others are acts performed by IRA providers and/or employer sponsored plans, or HSA or Coverdell ESA providers. While the list below is not exhaustive, the acts listed that have a deadline within the February 8, 2021 to June 15, 2021 timeframe have until June 15, 2021 to completed by the "affected taxpayer".

HSAs

• Make HSA contributions for tax year 2020
• Complete a 60-day HSA-to-HSA rollover
• File Form 5498-SA with the IRS
• Provide to HSA owners an Annual Account Statement which is often satisfied by providing a copy of IRS Form 5498-SA

IRAs

• Make Traditional and Roth IRA contributions for tax year 2020
• Complete rollovers including an IRA-to-IRA 60-day rollover, a 60-day indirect rollover from an eligible employer plan to an IRA, a rollover within 120 days of a first-time home distribution withdrawn from an IRA that meets certain requirements, and a rollover of a wrongful IRS levy of an IRA or employer retirement plan.
• Use IRA distributions within 120 days of the distribution to qualify for the first-time homebuyer early distribution penalty exception.
• Repay qualified reservist distributions.
• Withdraw substantially equal periodic payments from an IRA
• Date by which a qualified disclaimer must be made
• Certain QLAC transactions
• File Form 5498 with the IRS
• Provide to IRA owners and beneficiaries an Annual Account Statement which is often satisfied by providing a copy of IRS Form 5498
• File Form 990-T with the IRS
• Make SEP and SIMPLE IRA contribution for the 2020 tax year
• Remove an IRA excess contribution with earnings attributable to avoid the 6% excess contribution penalty
• Recharacterize a Traditional or Roth IRA contribution

Coverdell ESAs

• Make Coverdell ESA contributions for tax year 2020
• Complete a 60-day ESA-to-ESA 60-day rollover
• Remove an ESA excess contribution with earnings attributable to avoid the 6% excess contribution penalty
• File Form 5498-SA with the IRS
• Provide to ESA Designated Beneficiary an Annual Account Statement which is often satisfied by providing a copy of IRS Form 5498-ESA

Qualified Plans

• Make corrective distributions of excess deferrals, excess contributions and excess aggregate contributions
• Make timely permissible withdrawals of unwanted deferrals under an eligible automatic contribution arrangement (EACA)
• File form 5500 (for non-calendar year plans with 5500 filing due dates falling between February 11, 2021 and June 15, 2021)
• Making plan loan repayments “quarterly or more frequently”
• Making an indirect rollover of an eligible rollover distribution (ERD)