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Text of Rev. Rul. 2006-38: Application of Prohibited Transaction Excise Tax to Late 401(k) Deferrals (PDF)
Internal Revenue Service [IRS] 
[Official Guidance] June 30, 2006
6 pages. Excerpt: What is the amount involved, for purposes of calculating the prohibited transaction excise tax under § 4975 of the Internal Revenue Code, if an employer does not timely pay elective deferrals to a qualified plan? ... Holding: Solely for purposes of calculating the prohibited transaction excise tax ... the amount involved if an employer does not timely pay the participant deferrals or contributions to a qualified plan is based on interest on those elective deferrals.
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