Official Federal Forms > Department Of Treasury
5307 Instructions For Form 5307 5307 - Official Federal Forms
| 5307 Instructions For Form 5307 Form. This is a national form and can be used in Department Of Treasury . |
|
||||||
 Get this form for FREE as a print-only pdf |
|||||||
|
Instructions for Form 5307 (Rev. May 2008) Application for Determination for Adopters of Master or Prototype (M&P) or Volume Submitter (VS) Plans Section references are to the Internal Revenue Code unless otherwise noted. Department of the Treasury Internal Revenue Service Type of Plan What's New for Defined Contribution Plans Requirements for Switching to 6-Year Remedial Amendment Cycle. All applications must be accompanied by new Form 8905, Certification of Intent To Adopt a Pre-approved Plan, if an employer intends to switch from the 5-year remedial amendment cycle to the 6-year remedial amendment cycle by meeting one of the eligibility requirements for the 6-year remedial amendment cycle. For more information, see Rev. Proc. 2007-44, which is on page 54 of Internal Revenue Bulletin 2007-28 at www.irs. gov/pub/irs-irbs/irb07-28.pdf. a plan that provides an individual account for each participant and for benefits based only: 1. On the amount contributed to the participant's account, and 2. Any income, expenses, gains and losses, and any forfeitures of accounts of other participants that may be allocated to the participant's account. · A Defined Benefit Plan (DBP) is any plan that is not a DCP. A qualified plan must satisfy section 401(a) including, but not CAUTION limited to, participation, vesting, nondiscriminatory contributions or benefits, distributions, and contribution and benefit limitations. · A Defined Contribution Plan (DCP) is Application for Determination for Employee Benefit Plan); · A multiemployer or multiple-employer plan (use Form 5300); · An employee stock ownership plan (ESOP) (attach Form 5309, Application for Determination of Employee Stock Ownership Plan, to Form 5300); · An individually designed plan (other than an approved VS plan) (use Form 5300); or · A request to determine if you are a member of an affiliated service group (use Form 5300). · A cash balance plan (use Form 5300, ! Where To File File Form 5307 at the address indicated below: Internal Revenue Service P.O. Box 192 Covington, KY 41012-0192. Private Delivery Services. In addition to the United States mail, you can use certain private delivery services designated by the IRS to meet the "timely mailing as timely filing/paying" rule for tax returns and payments. These private delivery services include only the following: · DHL Express (DHL): DHL Same Day Service, DHL Next Day 10:30 am, DHL Next Day 12:00 pm, DHL Next Day 3:00 pm, and DHL 2nd Day Service. · Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. · United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus, and UPS Worldwide Express. The private delivery service can tell you how to get written proof of the mailing date. Disclosure Request by Taxpayer A taxpayer can authorize the IRS to disclose and discuss the taxpayer's return and/or return information with any person(s) the taxpayer designates in a written request. Use Form 2848, Power of Attorney and Declaration of Representative, if the representative is qualified to sign, or Form 8821, Tax Information Authorization, for this purpose. See Pub. 947, Practice Before the IRS and Power of Attorney, for more information. Who May File This form may be filed by an adopter of: · An approved non-standardized M&P plan, · An approved VS plan, or · An approved standardized plan under the circumstances described in Rev. Proc. 2005-16, as modified by Rev. Proc. 2007-44. See Announcement 2001-77, 2001-30 I.R.B. 83 for exceptions. Standardized Plans Standardized plans will generally satisfy the requirements of sections 410(b) and 401(a)(4) if they follow the terms of their plan document. Specific determinations regarding sections 410(b) and 401(a)(4) are not routinely issued for these plans since a standardized plan operated in accordance with its terms will satisfy the requirements of sections 410(b) and 401(a)(4). Public Inspection Form 5307 is open to public inspection if there are more than 25 plan participants. The total number of participants must be shown on line 4e. See the instructions for line 4e for a definition of participant. Who May Not File General Instructions Purpose of Form Adopters of Master or Prototype (M&P) or volume submitter (VS) plans file Form 5307 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. This form may not be filed to request a determination letter for: · An M&P adopter that amends the plan other than through the choice of elections offered under the approved adoption agreement. However, an M&P adopter may amend the adoption agreement to add overriding language for sections 415 or 416 because of the aggregation of plans or may amend the trust or custodial account document to make any permitted changes; Cat. No. 11833J How To Complete the Application Applications are screened for completeness. The application must be signed by the employer, plan administrator, or authorized representative. Stamped signatures are not acceptable; see Rev. Proc. CAUTION 2008-4, which is on page 121 of Internal Revenue Bulletin 2008-1 at www.irs.gov/pub/irs-irbs/irb08-01.pdf. Incomplete applications may be returned to the applicant. For this reason, it is important that an appropriate response be entered for each line item (unless instructed otherwise). In completing the application, pay careful attention to the following: · N/A (not applicable) is accepted as a response only if an N/A block is provided. · If a number is requested, a number must be entered. · If an item provides a choice of boxes to check, check only one box unless instructed otherwise. · If an item provides a box to check, written responses are not acceptable. · Governmental plans and nonelecting church plans do not have to complete line 10a. · The IRS may, at its discretion, require a plan restatement or additional information any time it is deemed necessary. · The application has formatted fields that will limit the number of characters entered per field. · All data input will need to be entered in Courier 10 point font. · Alpha characters should be entered in all capital letters. · Enter spaces between any words. Spaces do count as characters. · All date fields are entered as an eight-digit field (MMDDYYYY). Rev. Proc. 2008
|
|||||||
