19 Aug 2025
🏦IRS Seeks Comments on Form 5306 for Retirement Accounts
Agency Collection Activities; Requesting Comments on Form 5306 Application for Approval of Prototype or Employer Sponsored Individual Retirement Account
Summary
In accordance with the Paperwork Reduction Act of 1995, the IRS is inviting comments on the information collection request outlined in this notice.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The notice seeks comments on Form 5306, essential for employers establishing individual retirement accounts (IRAs). This regulatory process impacts business owners and financial institutions involved in retirement plan offerings, necessitating compliance with IRS requirements.