IRS grants AICPA request for extension of remedial amendment period.

• Position: Regulatory matters - Internal Revenue Service, American Institute of Certified Public Accountants - Brief Article

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...