The Internal Revenue Service (IRS) issued a request for comment on continuing information collections: Form 5300, Application for Determination for Employee Benefit Plans. Internal Revenue Code sections 401(a) and 501(a) set out requirements for qualification of employee benefit trusts and the tax exempt status of these trusts. Form 5300 is used to request a determination letter from the IRS for the qualification of a defined benefit or a defined contribution plan and the exempt status of any related trust. There are revisions being made to this form.
Comments are invited on:
- whether the collection of information is necessary and practical
- the accuracy of the burden estimate
- ways to enhance the quality, utility, and clarity of the information
- ways to minimize the collection burden
- estimates of costs to provide the information
Comments are due June 6, 2017.