Tax News

CCH (cch.taxgroup.com) reports:

The IRS will temporarily stop accepting applications on December 18, 2007, for determination letters for defined contribution plans that are filed on Form 5307, Application for Determination for Adopters of Master or Prototype or Volume Submitter Plans. All pre-approved (i.e., master and prototype, and volume submitter) defined contribution plans are required to be restated to comply with the Economic Growth and Tax Relief Reconciliation Act of 2001 (P.L. 107-16) (EGTRRA), and the plans must be submitted to the IRS for a determination letter (if needed) using Form 5307 during an approximately two-year period that has yet to start. The IRS plans to announce the dates of this period early in 2008. The temporary suspension until the beginning of this period will allow the IRS to prepare to receive the EGTRRA
applications.
The IRS will continue to process determination letter applications using Form 5307 for defined contribution plans filed before December 18, 2007, provided the plan has a favorable GUST opinion or advisory letter. Any application filed on or after December 18, 2007, and before the opening of the approximately two-year period for adopting EGTRRA-restated pre-approved plans will be returned to the applicant. Adopters of pre-approved defined benefit plans can continue to seek determination letters during this period. An adopting employer may continue to apply on Form 5307 for a determination letter for plan amendments related to a voluntary correction program submission or under the correction on audit program.
Announcement 2007-90, 2007FED ¶46,637
Other References:
Code Sec. 401
CCH Reference - ¶17,507.0425
CCH Reference - 2007FED ¶17,507.2531
CCH Reference - 2007FED ¶17,929.65
Tax Research Consultant
CCH Reference - TRC RETIRE: 51,052.20
CCH Reference - TRC RETIRE: 78,106