Practice Management
The IRS has announced that it is seeking comments on the Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. It is seeking comments from the public and also from federal agencies.
Internal Revenue Code Sections 4971, 4972, 4973(a)(3), 4975, 4976, 4977, 4978, 4978A, 4978B, 4979, 4979A and 4980 impose excise taxes in connection with employee benefit plans. Form 5330 is used to compute and collect them.
The IRS says that no changes are being made to this form at this time; nonetheless, it is seeking comments on:
- whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility;
- the accuracy of the agency’s estimate of the burden of the collection of information;
- ways to enhance the quality, utility and clarity of the information to be collected;
- ways to minimize the burden of the collection of information;
- estimates of capital or start-up costs; and
- estimates of the costs of operation, maintenance and purchase of services to provide information.
The IRS is accepting comments through Nov. 16, 2020. All written comments should be sent to:
Kinna Brewington
Internal Revenue Service
Room 6526
1111 Constitution Avenue, NW
Washington, DC 20224
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