Self correction and Form 5330

[Chippy]

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?   

[Bri]

Yeah - it's the VFCP that gets you out of the penalty tax.

[RatherBeGolfing]

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.