IRS Expands Circumstances for Extending Discretionary Amendment Deadlines

The IRS has issued Revenue Procedure 2020-40, which makes a minor modification to Revenue Procedures 2016-37 and 2019-39. Revenue Procedure (Rev. Proc.) 2016-37 sets forth procedures for obtaining determination or opinion letters for pre-approved qualified plans, while Rev. Proc. 2019-39 sets forth procedures for obtaining opinion and advisory letters for pre-approved 403(b) plans.

Specifically, both revenue procedures were modified to provide that the otherwise applicable deadlines within the revenue procedures apply unless statutory, regulatory, or other guidance is issued that sets forth a deadline that is either earlier or later. Previous verbiage indicated that only an earlier deadline could be prescribed.