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"Due Date" of the determination letter application? (5307)


Guest RONNIE WASEL

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Guest RONNIE WASEL

I know that you do not have to file a 5307, but when is it typically due? I.E., I recall something like the plan year following the plan year in which you amend the plan?

Thanks,

Ronnie

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REgarding the January 31 deadline for "late" amenders, I believe the IRS published guidance recently that stated that determination letter applications postmarked Feb. 2 would be considered timely. In the case of an employer that adopted a volume submitter document with no changes who just wanted to get a det. ltr for comfort's sake I would think the 5307 should be submitted as soon as reasonably feasible to get it prepared and submitted. Otherwise, if a plan was adopted, e/er took deductions for contributions, and the 5307 was submitted 3 years later and the IRS for whatever reason found a problem with the plan, then there would be a number of issues to work out....???

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Under 401(b), the remedial amendment period would generally end on the due date (with extensions) for the employer's tax return for the year in which the amendment occurred. It's my understanding that you need to file the Form 5307 by that date if you want to extend the remedial amendment period further.

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