Regulatory and Legislative

IRS Announces Deadline Relief for Havasupai Tribe in Arizona Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in the Havasupai Tribe in Arizona until February 3, 2025. The tax relief postpones various tax filing deadlines that began on August 22, 2024. Affected individuals and households who reside or have a business in the Havasupai Tribe, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1). Affected taxpayers with a covered deadline on or after the beginning date, and before February 3, 2025, will have until February 3, 2025, to complete the acts. This includes Form 5500 series returns that are required to be filed during this period.

“Affected taxpayer” automatically includes any individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Those who reside or have a business located outside the covered disaster area, but have been affected by the disaster, may contact the IRS to request relief.

Taxpayers should consult with their tax advisor to understand the impact of the deadline relief on their own situation.

Regulatory and Legislative

IRS Provides 403(b) Amendment Cycle Updates

IRS Provides 403(b) Amendment Cycle Updates

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements.