Tax Cowboy Posted March 13, 2021 Posted March 13, 2021 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.
JHawk Posted April 13, 2021 Posted April 13, 2021 I'm also looking for similar guidance and hoping someone knowledgeable on this can weigh in.
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