Jump to content

Revisiting: Are ESOP Determination Letters accepted by the IRS at this time? Required?


Recommended Posts

Group:
I note on this forum there's been a few discussions
on the IRS elimination of the 5-year cycle to amend
certain ESOP Plan documents.  Rev Proc 2016-3 (?)
 
I thought I read that at this time there is still no requirement
to apply for and receive a determination letter for prototype ESOP Plan documents.
I can't seem to find a cite/rev proc/advisory opinion/case that says this.
 
I note the form 5300 and 5307 (determination of adopters of modified volume submitter plans)
seem to still be available on irs website.
 
Q:  Is there even a process to apply for a determination letter for an ESOP Plan document?
Or is this still in a state of flux given the pandemic and new admin in White House?
 
Q: Is it your usual practice, notwithstanding no requirement to apply, to submit the 5300 or 5307?
 
The ESOP Plan document I've used over the recent years was designed
by a volume submitter (who has a letter from 2009 time frame).
The esop plan document and AA itself has been updated with
changes in the law over the years.
 
And this ESOP Plan document and AA was provided
recently in a TEGE audit with a successful no change outcome.
 
Thoughts and comments appreciated.
 
 
Link to comment
Share on other sites

  • 1 month later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...