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Hardship, 5500 Filing Relief Requested

The American Retirement Association has requested relief for retirement plan participants and administrators impacted by Hurricane Matthew.

The relief was requested from the IRS for taxpayers who would like to use their retirement assets in qualified retirement plans to alleviate hardships resulting from the hurricane. The request suggests that the IRS pattern this relief on what it announced after Hurricane Sandy in IRS Announcement 2012-44.

Additionally, the ARA requested an extension to file the Form 5500. The letter points out that the storm came through at a particularly busy time for plan sponsors and their service providers, and that this is due to the pending deadline for calendar-year plans that received an extension to file Form 5500 until Oct. 17, 2016.

“The IRS, Department of Labor and PBGC should immediately announce relief once again patterned on past announcements such as that provided most recently for Hurricane Hermine or in the past for Hurricane Sandy. It is particularly important that relief extend to taxpayers whose books, records or Form 5500 return preparer are located in areas affected by Hurricane Matthew,” according to the request.

In the letter, the ARA argues that the IRS should grant the following relief as soon as possible. We’ll keep you posted.

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