The Internal Revenue Service has issued a revenue procedure and notice to provide temporary penalty relief to plan administrators who don’t file their Form 5500 or 5500 EZ forms on time.
Revenue Procedure 2014-32 establishes a one-year pilot program to provide penalty relief to plan administrators who fail to timely file Form 5500 EZ, the annual return of one-participant retirement plans for owners of businesses with no employees, and their spouses.
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