Form 5300

Form 5300

An application filed with the IRS requesting a determination of whether an employee benefit plan qualifies as a defined benefit or defined contribution plan for tax purposes. It is also used to request the determination of the tax status of any trust related to an employee benefit plan.
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If a plan sponsor needs to do something in its plan that is impermissible in a pre-approved prototype plan, it would have to pay to have an individually designed plan drafted, submit a Form 5300 and pay a $2,500 user fee for the IRS determination letter, Browning adds.
And, for inquisitive members who want to dig deeper on the performance of any particular credit union, Form 5300 data is avail-able free to the public through the NCUA website.
New York, NY, February 03, 2012 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, has announced today that Ann Carr Mackey, Shareholder, Ogletree, Deakins, Nash, Smoak & Stewart, P.C., will speak at a 2-hour webcast: Understanding New IRS Rules in Filing Revised Form 5300 Live Webcast.
Form 5300 is an important document that companies must prepare properly in order to obtain IRS approval of their qualified plans.
Enrolled retirement plan agents' practice is limited under Section 10.3 (e) of Circular 230 to representing taxpayers before the IRS with respect to issues involving the following programs or forms: employee plans determination letters, employee plans compliance resolution system, employee plans master and prototype and volume submitter program, and the Form 5300 and the Form 5500 series that are filed by retirement plans and plan sponsors but not with respect to actuarial forms or schedules.
Among the forms included on this list are the Form 5300 and the Form 5500 series returns.
* Form 5300, Application for Determination for Employee Benefit Plan
If the plan is intended to satisfy a design-based or nondesign-based safe harbor, or if the applicant is not electing to receive a determination with respect to any of the general tests and is not electing to receive a determination with respect to the average benefit test, the fees range from $125 for Form 5307, Application for Determination for Adopters of Master or Prototype, Regional Prototype or Volume Submitter Plans, or Form 6406, Short Form Application for Determination for Amendment of Employee Benefit Plan, to $700 for Form 5300, Application for Determination for Employee Benefit Plan, or Form 5303, Application for Determination for Collectively Bargained Plan.
The notice is expected to be incorporated in Form 5300 or revised Form 5310.
For determination letter applications, a plan sponsor with an individually designed plan submitted on Form 5300 would complete the five reference lists for the five years of the plan's remedial amendment cycle (RAC).
Zuckerman, Esq., Director, Employee Plans Rulings and Agreement, IRS, will speak at a 2-hour webcast entitled “Understanding New IRS Rules in Filing Revised Form 5300 Live Webcast.” This event is scheduled for Thursday, February 9, 2012 from 12:00 PM to 2:00 PM (ET).
The preamble anticipates that a standard notice will be incorporated into the Form 5300 (Application for Determination for Employee Benefit Plan) or Form 5310 (Application for Determination Upon Termination; Notice of Merger, Consolidation or Transfer of Plan Assets or Liabilities; Notice of Intent to Terminate).