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Found 2 results

  1. Übernerd
    If a late deposit of elective deferrals is corrected under VFCP, the employer qualifies for PTE 2002-51 (as amended), and the 15% § 4975©(2) excise tax is waived. It seems like there is no need to file Form 5330 at this point, but I'm getting pushback on that decision. If there is no excise tax, why go to the trouble and expense of filing the 5330? Thanks for any wisdom. Cheers.
  2. Below Ground
    Does anyone know how correcting under PTE 2002-51 works. I am finding text on this topic "lacking". From what I gather, if the 5330 tax is less than $100 and the late deposits were made within 180 days, you only need to have a copy of the "unfiled" Form 5330 proving tax is under $100 and provide a notice to employees. It also seems that you may not have to even do the notice. Anyway, I seem to have a serious mental block on this topic, so any help is appreciated.
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