Chippy Posted October 12, 2018 Share Posted October 12, 2018 Employer had two late deposits during 2017. If they correct it on their own, and deposit lost earnings, are they required to file a Form 5330 with the excise tax? Link to comment Share on other sites More sharing options...
Bri Posted October 12, 2018 Share Posted October 12, 2018 Yeah - it's the VFCP that gets you out of the penalty tax. Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted October 12, 2018 Share Posted October 12, 2018 2 hours ago, Bri said: Yeah - it's the VFCP that gets you out of the penalty tax. True. But also keep in mind that the class exemption for the penalty tax is limited to one transaction every three years, so its not something you can use all the time or even possibly even for multiple payrolls in the same year. If OPs two transactions are close together and the same circumstances caused them both to be late, they could be considered one transaction, but otherwise only one would qualify. Link to comment Share on other sites More sharing options...
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