The Saxon Advisor - April 2020

Compliance Check

Easy to Digest, Monthly Need-to-Knows

The Current 30

APRIL 1: Required Minimum Distribution. Deadline to take first RMD for terminated participants following attainment of age 70 1/2 or retiring after 70 1/2 in prior calendar year.

APRIL 1: Form 1099-R. Deadline for employers to file electronically with the IRS.

APRIL 15: Excess Contribution Refunds (Over IRS Limit). Deadline to return excess retirement plan deferrals for the previous plan year.

APRIL 30: Annual Audit TimeFor large 5500 filers, it is time to select an auditor and schedule your annual audit.


A Look Forward

MAY 15: Participant-Directed Plans. Benefit Statements for participant-directed plans and Participant Fee Disclosures are due.

JUNE 30: Eligible Automatic Contribution Arrangement (EACA). Corrective distributions for failed ADP/ACP tests must be made within 6 months after the Plan Year end.

JULY 31: Form 5500 and Form 5558. The deadline for the 2019 plan year’s Form 5500 and Form 5558 (5500 filing extension to October 15th).

JULY 31: Form 8955-SSA. Deadline to file Form 8955-SSA and the terminated vested participant statements for the plan year of 2019 (unless extended by Form 5558).

JULY 31: Form 5330. Deadline to file for excise tax on failed ADP/ACP test.

In this Issue

How to Legally Work With Gig and Contract Workers

Join our May Saxon University as Pandy Pridemore discusses how to legally work with Gig and Contract Workers

What You Need to Know: The SECURE Act

Bringing the knowledge of our in-house advisors right to you...


In December of 2019, President Donald Trump passed the Setting Every Community Up for Retirement Enhancement Act or SECURE Act. Some of the Act aims at making it easier for small business owners to create more affordable and easier to administer retirement plans.

“There is a lot of hype in the government and media about how the SECURE Act will make it cheaper to sponsor a plan. I don’t know if recordkeepers could lower their annual costs any more than they have over the last 8 or 9 years; but it definitely will provide lower start-up costs through the tax credits, and make it easier to administer plans if utilizing a Safe Harbor approach or a PEP.”

Advice from Todd

Fresh Brew Featuring Olivia Childs

"Be sure to do the follow-up after a conversation!"


Olivia Childs is a Saxon Senior Solutions Specialist whose favorite catchphrase is, “We rise by lifting others,” by Eleanor Roosevelt. We invite you take a moment to get to know Olivia!

Olivia’s favorite brew is Chai Tea Latte. She admits that enjoying her drink while relaxing at Half Day Cafe and snacking on an Everything Bagel is hard to beat!

Learn More About Olivia

This Month's #CommunityStrong:
Donation Drive for Families Forward

It's time to work together to help meet a top priority need of a valued community program and the families they serve.

Get Involved!

Are you taking a strategic approach to your financial big picture?

Saxon creates innovative strategies that will help you figure out how to get there, plan for the risks along the way, navigate complex tax code and understand the steps you need to take to protect and secure your future.

Monthly compliance alerts, educational articles and events
- courtesy of Saxon Financial Advisors.