Excise tax for failure to transmit deferrals timely

[Guest DCquestioner]

When calculating the excise tax on failure to transmit deferrals timely, if I understand it correctly, the excise tax is 15% for each taxable year that the correction is not made.

I'm not sure when the correction is deemed to be made. Is the correction made when the deferrals are deposited? The interest on late deferrals is deposited? The excise tax on the prohibited transaction is paid?

Can someone help?

Thanks!