Regulatory Updates

IRS Updates Deadline Relief for Victims of California Wildfires

October 7, 2020 ‒ The IRS has updated previously issued Announcement CA-2020-06, which describes the postponement of deadlines for completing certain time-sensitive, tax-related acts for victims of California wildfires that began on August 14, 2020. In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in Treasury Regulation 301.7508A-1(c)(1), which include filing Form 5500 for retirement plans, completion of rollovers, making retirement plan loan payments, etc.

The counties included in the relief now include Butte, Lake, Monterey, Napa, San Mateo, Santa Clara, Santa Cruz, Solano, Sonoma, and Yolo. Taxpayers in other locations will automatically be added to the relief if the disaster area is further expanded.

Affected taxpayers with a covered deadline occurring on or after August 14, 2020, and on or before December 15, 2020, will have until December 15, 2020, to complete the act. “Affected taxpayer” automatically includes anyone who resides, or has a business located, within the designated disaster area. Those who reside or have a business located outside the identified disaster area, but have been affected by the wildfires, may contact the IRS at 866-562-5227 to request the relief.

Regulatory Updates

IRS Revises Rollover Self-Certification Rules

The IRS has issued modified guidance for taxpayers to self-certify their eligibility for an extension of the 60-day deadline to complete an otherwise-eligible rollover.