Lori Foresz
Aug 26 2009, 03:09 PM
I recall sometime ago that IRS changed opinion and we no longer need to file Form 5330 for late deposits of 401k.
I also thought we no longer needed to check a prohibited transaction occured on Form 5500 Schedule H/I.
Does anyone recall.
Thanks
Tom Poje
Aug 27 2009, 06:28 AM
you are probably thinking of
Class Exemption PTE 2002-51
Briefly (and I am probably missing something)
deferrals were deposited not more than 180 calendar days from date the amounts received by employer
Can only use once every three years
Have met all the conditions of the VFC program (including a notice to participants) and received a no action letter
If have an exemption there is NO excise tax
if no excise tax, then of course no 5330
if the excise tax was less than $100, then you don't need to give the participants the notice provided the $ was paid to the plan instead. you still had to go through the motions of filing the 5330, but it goes to the DOL instead.
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Aug 31 2009, 02:10 AM
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