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Chicago Illinois Form 5330: What You Should Know

Internal Revenue Service / IRS.  Oct 1, 2022 — The TPA has corrected itself on the form 5330.  It had filed a late filing penalty with the IRS but not filed the Form 5330 as required.  The TPA believes that the late filing penalty does NOT apply in this case. The TPA made the decision to correct the omission of the Form 5330. IRS Form 5330: Correcting Errors in Excise Taxes — Benefiting Filed for the 2022 tax year, the TPA corrected errors in 2022 that had led to a late filing penalty being filed earlier. IRS Form 5330: Correcting Errors in Excise Taxes — Benefiting A late filing penalty must be filed with the IRS to correct errors that are due to a willful and intentional act and which are not corrected by the taxpayer. In an action on Form 5304, a tax penalty is assessed against the taxpayer when a final timely-filed return has failed to include an estimated tax payment or tax return information in accordance with the notice issued by the Treasury Taxpayer Advocate on the TPA Form 5304, notice of proposed assessment of penalty. The penalty is assessed by the Treasury Inspector General for tax administration. The penalty is payable to the Secretary of the Treasury for collection pursuant to 31 U.S.C. 5331. Form 5330: Correcting Errors in Excise Taxes — Benefiting The TPA has recently corrected errors with its Form 5330.  The TPA corrected errors on Form 5330 for the 2022 tax year. Form 5330, Correcting Errors in Excise Taxes — Benefiting, is an electronic filing package that will assist with the collection of a TPA civil penalty and an assessment of interest. Form 5330: Correcting Errors in Excise Taxes — Benefiting — Elgin The Department of the Treasury has approved Form 5330 as an extension of time (from 5 to 7 years). In order to be eligible for this extension of time, and because these corrections can only be made after you file Form 5330, the Department has extended the deadline to the beginning of the 2022 tax year.

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