View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-0575
ICR Reference No:
202212-1545-022
Status:
Active
Previous ICR Reference No:
202010-1545-007
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 5330 - Return of Excise Taxes Related to Employee Benefit Plans
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/25/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/15/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2026
36 Months From Approved
03/31/2024
Responses
26,460
0
8,403
Time Burden (Hours)
1,255,149
0
540,145
Cost Burden (Dollars)
0
0
0
Abstract:
Code sections 4971, 4972, 4973(a)(3), 4975, 4976, 4977, 4978, 4978A, 4978B, 4979, 4979A and 4980 impose various excise taxes in connection with employee benefit plans. Form 5330 is used to compute and collect these taxes.
Authorizing Statute(s):
US Code:
26 USC 4975
Name of Law: Tax on prohibited transactions
US Code:
26 USC 4972
Name of Law: Taxes on failure to meet minimum funding standards
US Code:
26 USC 4971
Name of Law: Taxes on failure to meet minimum funding standards
US Code:
26 USC 4977
Name of Law: Tax on certain fringe benefits provided by an employer
US Code:
26 USC 4978
Name of Law: Tax on certain dispositions by employee stock ownership plans and certain cooperatives
US Code:
26 USC 4973(a)(3)
Name of Law: Tax on excess contributions to certain tax-favored accounts and annuities
US Code:
26 USC 4979
Name of Law: Tax on certain excess contributions
US Code:
26 USC 4980
Name of Law: Tax on reversion of qualified plan assets to employer
US Code:
26 USC 4976
Name of Law: Taxes with respect to funded welfare benefit plans
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
87 FR 60436
10/05/2022
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 15854
03/14/2023
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Form 8868 - Application for Extension of Time To File an Exempt Organization Return or Excise Taxes Related to Employee Benefit Plans
8868
Application for Extension of Time To File an Exempt Organization Return or Excise Taxes Related to Employee Benefit Plans
Return of Excise Taxes Related to Employee Benefit Plans
Form 5330
Return of Excise Taxes Related to Employee Benefit Plans
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
26,460
8,403
0
7,560
10,497
0
Annual Time Burden (Hours)
1,255,149
540,145
0
40,257
674,747
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
There have been changes to the Form 5330 to add a line and schedule related to Tax on Failures related to Section 4971(h). These changes resulted in a program change increase of 4,724 hours. Additionally, IRS updated the number of responses based on current filing figures. This change resulted in an adjustment increase of 674,747 hours. IRS has modified Form 8868 to allow plan sponsors to request extension to file Form 5330. This change has resulted in a new total burden of 35,532 hours.
Annual Cost to Federal Government:
$59,564
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Vikki Vrooman 202 317-5884
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
03/15/2023
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