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5305 Simple 2023 Form: What You Should Know
You must submit Form 5304-SIMPLE to obtain your employer's identification number and employee number. Form 5305-SIMPLE is for the retirement plan and account numbers. Your employer's identification number and employee number should be on Form 5304-SIMPLE, unless you receive a letter that the number and name must not be on this form. ▻ Do not submit Form 5305-SIMPLE until it has been approved by the IRS. The IRS requires that you provide the following information to your employer. • The employee numbers and names of all those with accounts other than those with a company. ▻ For those employees with company accounts that have been opened, you will have 8 pages of the completed form. ▻ All employees should have copies of the Form 5305-SIMPLE from their employer. ▻ A copy of the Form 5305-SIMPLE should be filed by the employee with the IRS when he or she begins a plan. ▻ If a plan is established, the IRS will verify the application and notify the employee of the plan. You may have trouble completing the Form 5304-SIMPLE. You may also want to contact a specialist or the IRS Tax Volunteer at . It is recommended that you have an outside person help you fill out the form. Please contact for help on creating an IRS Small Business Investment Plan (SIRP) for employees. Note: The SIRP is not set up for employees but only is helpful for companies that have multiple employees. If you are having problems getting your SIRP to function, it may be an indication that something else is wrong. If your business is incorporated or registered in a non-U.S. jurisdiction, your account will not be taxed in that country. ► To begin a new account for employees, create an IRA account or an IRS Roth IRA account and enter the current pay period. Send your application to the address included on the form. Employee Identification Number (EIN) This is required in order to verify your employer is legitimate and to protect the Internal Revenue Service. If you receive a letter that the number and name must not be on the Form 5305-SIMPLE, do not sign it and do not mail it in.
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