What is the exception to providing notice to interested parties?

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What is the exception to providing notice to interested parties?

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• the violation involves delinquent employee contributions (including loan repayments), • you meet all the terms of the Program, • the excise tax otherwise payable to the IRS is less than or equal to $100, • the excise tax otherwise payable to the IRS is paid to the plan, and allocated to participants and beneficiaries as earnings would be, • you send us a copy of the IRS Form 5330 used to determine the amount, or the same information that would be entered on the IRS Form 5330, and • you include proof of payment of the amount with your application. For the sole purpose of determining the amount of the excise tax discussed above, you may use the Online Calculator to determine the amount involved.

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You do not have to send a notice to interested parties if: • the violation involves delinquent employee contributions (including loan repayments), • you meet all the terms of the Program, • the excise tax otherwise payable to the IRS is less than or equal to $100, • the excise tax otherwise payable to the IRS is paid to the plan, and allocated to participants and beneficiaries as earnings would be, • you send us a copy of the IRS Form 5330 used to determine the amount, or the same information that would be entered on the IRS Form 5330, and • you include proof of payment of the amount with your application. For the sole purpose of determining the amount of the excise tax discussed above, you may use the Online Calculator to determine the amount involved.

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