2023 Deadline for 2022 Retroactive Plans / Tax Filing Deadlines Overview

Advisors have been reaching out to us for specifics and guidance on 2023 deadlines for 2022 retroactive plans as well as tax filing deadlines. A retroactive plan (i.e. a plan for the 2022 tax year) can be adopted as long as the tax return has not been filed.  JULY’s deadline will be 8/1/23 for all 2022 plans.  Below is a quick overview of tax filing deadlines.  This assumes a calendar year-end. If the date lands on a weekend, it’s usually pushed to the next business day.

Partnership (K-1)

• March 15^th – normal tax filing deadline
• September 15^th – with extension

S-Corporation (W-2)

• March 15^th – normal tax filing deadline
• September 15^th – with extension

Sole Proprietorship (Schedule C)

• April 15^th – normal tax filing deadline
• September 15^th – with extension

C-Corporation (W-2)

• April 15^th – normal tax filing deadline
• September 15^th – with extension

• A quick reminder of what we can still set up for 2022:

1. Profit Sharing Only Plan (no salary deferrals and no Safe Harbor – just profit sharing but it can be New Comp).
2. Cash Balance Only or Cash Balance Combo Plan with New Comp Profit Sharing.
3. Solo 401(k) or Solo Cash Balance (or combo) – again no salary deferrals in the Solo 401(k) Plan, just profit sharing.

• Cash Balance Funding:

Although sponsors can file up to their first or extended deadline, they must fund the contributions to the Cash Balance plan no later than 8 ½ months after the end of the year, which would usually be September 15^th.