Employee Plans Compliance Unit (EPCU) - Party-In-Interest Transaction |
|
Background
This project focuses on taxpayers who filed a Form 5500, Annual Return/Report of Employee Benefit Plan, reflecting a nonexempt transaction occurred with a party-in-interest on Schedules H or I.
The Project Process
Research is completed to determine whether a Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, was filed to correctly report the prohibited transaction excise taxes imposed by section 4975 of the Internal Revenue Code. If the Form 5330 was filed and it is apparent the excise tax calculated was correct, there will be no further action. If, to the contrary, the Form 5330 was either not filed or the excise tax calculated does not appear to be correct, a compliance check letter is issued to the Taxpayer.
If You Receive A Letter
Please provide the information requested in the letter. You may also furnish any other documents or clarifying material that you believe will be helpful for us to review. You should make every effort to be as complete and accurate as possible in your responses. If you need additional assistance, please communicate with the EPCU contact as indicated on the letter.
If You Have Questions
Please feel free to e-mail us and we will be glad to answer any questions you have about the project and how it relates to your situation. Please include the “Party-in-Interest” in the Subject line of the message.
|
|
|
Page Last Reviewed or Updated: March 11, 2009