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Calculation of the Prohibited Transaction Excise Tax for Untimely Paid Employee Deferrals (PDF)
Transamerica Center for Retirement Studies Link to more items from this source
July 25, 2006
1 page. Excerpt: Section 4975(a) of the Internal Revenue Code (Code) imposes a 15% excise tax (the first tier excise tax) on the amount involved in a prohibited transaction for each year during a taxable period. In addition, if the 15% excise tax is imposed and the transaction is not corrected within the taxable period, a second tier excise tax of 100% of the amount involved in the prohibited transaction is imposed.

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