Regulatory Updates

IRS deadline relief for storm and earthquake victims

The IRS has issued two news releases that grant extensions of time for completion of certain time-sensitive tax-related acts, to victims of severe storms in Michigan, and an earthquake and after-shocks in Utah.

The extensions in both cases include the completion of numerous time-sensitive tax-related acts described in Treasury Regulation 301.7508A-1(c)(1) and IRS Revenue Procedure 2018-58. Among them are completion of rollovers, correction of certain excess contributions, making plan loan payments, filing Form 5500, and certain other acts under this regulation.

In both cases—though the timeframes differ—the news releases confirm that the extensions apply to the filing of individual and business tax returns, and to making 2019 IRA contributions (deadlines for which were previously extended to July 15, 2020). 

Michigan Relief

Relief for the state of Michigan applies to the counties of Arenac, Gladwin, Iosco, Midland, and Saginaw. Deadlines for covered actions that fall on or after May 16, 2020, and before October 15, 2020, are extended to October 15, 2020.

Utah Relief

Relief for the state of Utah applies to the counties of Davis and Salt Lake. Deadlines for covered actions that fall on or after March 18, 2020, and before July 31, 2020, are extended to July 31, 2020.

Regulatory Updates

SEC Proposal to Modernize Reports and Disclosures

The SEC has announced a proposal to modify and modernize the disclosure framework of mutual funds and exchange-traded funds that is intended to better serve the needs of retail investors.