IRS Publishes New Form 5300 and Instructions

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The Internal Revenue Service (IRS) recently published a revised form and instructions for Form 5300, Application for Determination for Employee Benefit Plan. Form 5300 requests the IRS to determine whether the documentation of an individually designed retirement plan meets tax qualification standards under Section 401(a) of the Internal Revenue Code. Because the new Form 5300 has numerous changes, plan sponsors and their advisors should carefully review the new instructions before completing and submitting a Form 5300 and should allow extra time to prepare Cycle A determination letter filings that are due on or before January 31, 2012.

The Internal Revenue Service (IRS) recently published a revised form and instructions for Form 5300, Application for Determination for Employee Benefit Plan. Form 5300 requests the IRS to determine whether the documentation of an individually designed retirement plan meets tax qualification standards under Section 401(a) of the Internal Revenue Code. Although the IRS did not provide an effective date for the revised form, it replaces the prior version and appears to be intended for immediate use.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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