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IRS grants AICPA request for extension of remedial amendment period. (regulatory matters).

In response to an AICPA request for an extension of the remedial amendment period for qualified retirement plans, the Internal Revenue Service has issued Rev. Proc. 2001-55. This revenue procedure grants a general extension of the GUST remedial amendment period until Feb. 28, 2002, with limited extensions for directly affected taxpayers until June 30, 2002, and a narrower extension in case of substantial hardship up to Dec. 31, 2002. Under the Internal Revenue Code, plan sponsors have a remedial amendment period to adopt plan amendments for GUST. GUST refers to the following: The Uruguay Round Agreements Act; the Uniformed Services Employment and Reemployment Rights Act of 1994; the Small Business Job Protection Act of 1996; the Taxpayer Relief Act of 1997; the Internal Revenue Service Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000.
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Title Annotation:Internal Revenue Service, American Institute of Certified Public Accountants
Publication:CPA Letter
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 1, 2002
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