Form 5330

Form 5330

A form that one files with the IRS to report excise taxes assessed for various types of inaccurate filings related to employee benefit plans. For example, a company may have to file Form 5330 if it deducted non-deductible contributions or used an impermissible vehicle as a tax shelter.
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Actual processing time for Form 6 Part I (ATF Form 5330.
4965 excise tax: Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code (in the case of nonplan entities), and Form 5330, Return of Excise Taxes Related to Employee Benefit Plans (in the case of plan entities).
4975 excise tax on a timely filed Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, for a failure to transmit participant contributions or amounts otherwise payable to the participant in cash, under the authority of Sec.
The taxpayers did not file Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, for 1991-1997, nor did they make any payments to the plan under the promissory note.
However, in response to IRS resource-planning needs, this return category has been expanded and now includes the following additional returns: Form 5330, Return of Initial Excise Taxes Related to Employee Benefit Plans; and Form 5558, Application for Extension of Time To File Certain Employee Plans Returns.
4] The Tax-Exempt return category has been expanded and now includes the following additional returns: Form 5330, Return of Initial Excise Taxes Related to Employee Benefit Plans; Form 5558, Application for Extension of Time To File Certain Employee Plans Returns; Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues; Form 8038G, Information Return for Government Purpose Tax Exempt Bond Issues; Form 8038GC, Consolidated Information Return for Small Tax-Exempt Government Bond Issues; Form 8038T, Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate; Form 8328, Carry Forward Election of Unused Private Activity Bond Volume Cap, Form 8871, Political Organization Notice of Section 527 Status; and Form 8872, Political Organization Report of Contributions and Expenditures.
21, 1995, file Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, for each year in the taxable period and pay the 5% excise tax described in Sec.
Employers should write the words "Announcement 95-14" at the top of the Form 5330 used to report and pay the tax under Sec.
5] The Tax-Exempt return category has been expanded and now includes the following additional returns: Form 5330, Return of Initial Excise Taxes Related to Employee Benefit Plans; Form 5558, Application for Extension of Time To File Certain Employee Plans Returns; Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues; Form 8038G, Information Return for Government Purpose Tax-Exempt Bond Issues; Form 8038GC, Consolidated Information Return for Small Tax-Exempt Government Bond Issues; Form 8038T, Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate; Form 8328, Carry Forward Election of Unused Private Activity Bond Volume Cap; Form 8871, Political Organization Notice of Section 527 Status; and Form 8872, Political Organization Report of Contributions and Expenditures.
Disqualified persons must file a Form 5330 for each tax year that includes any part of the time period extending from the day the prohibited transaction occurred until the transaction is corrected.
Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, which provides the information necessary for computing the amount of the prohibited transaction and the amount of tax due, must also be filed.