Dating profit sharing

Employers can deduct contributions from federal taxable income.

Contributions and earnings are taxed as ordinary income when withdrawn.

The due date for corporations (C or S) is two and a half months after year end.

The federal tax return can be extended for six months after the return due date.

10% IRS early withdrawal penalty if withdrawn before age 59½ unless exception applies.

Employers that sponsor retirement plans may make employer contributions to that plan that are tax deductible contingent on the timing of such contributions.

Employer contributions can be in the form of profit sharing, safe harbor, cash balance or matching contributions.

For a calendar year employer, the tax return due date is March 15 and the return can be extended until September 15.

The due date for partnerships, LLCs and LLPs treated as partnerships for tax purposes is three and a half months after year end, or April 15 for a calendar year partnership.

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