In any given year, a business can elect to make a profit sharing contribution to its employees.
If your business intends to make a profit sharing contribution for the 2020 plan year, you need to make the request before your business tax filing deadline. Guideline will start accepting profit sharing requests in February 2021 and a link will be visible in your plan sponsor dashboard. Requests will be processed from March through October, based on your filing deadline (extension dates in parentheses).
- Partnership, LLC partnership and S-Corporation - March 16th (Sept 15th)
- C-corporation & Sole proprietor - April 15th (October 15th)
- Tax-exempt organization - May 15th (November 16th)