Excise Tax on Late Deferrals
If an employer does not deposit participant deferrals into a 401(k) plan in a timely manner, then the prohibited transaction excise tax under ยง4975 is based on interest on those elective deferrals. [Rev. Rul. 2006-38]
If an employer does not deposit participant deferrals into a 401(k) plan in a timely manner, then the prohibited transaction excise tax under ยง4975 is based on interest on those elective deferrals. [Rev. Rul. 2006-38]
