Late givebacks and Form 5330

[rcline46]

Upon review of prior records for a new client, we discovered that the ADP failure giveback was not completed for YE 12/31/2003. Since the distribution will be after 3/15/2004, a 5330 must be filed for the amount of the giveback.

Focusing only on the 5330 problem - does another 5330 have to be filed in 2005, and another in 2006, and another in 2007 for the same failure?

In reviewing EPCRS on this item (QNEC or 1 for 1 correction) I don't even see the 5330 mentioned, let alone multiple forms as would be due for late deposit of contributions, or bad loans.

Thank you all.

[Kimberly S]

I have a client who is currently under audit by the IRS. The auditor discovered a similar situation and specifically required separate forms and excise taxes for each year since the year in which the test was failed.