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.
Notice 2014-35 also applies administrative relief to late filers of Form 5500 for larger businesses who satisfy the requirements of the notice and the Delinquent Filer Voluntary Compliance Program administered by the Department of Labor Employee Benefits Security Administration.
The penalties for failing to file such returns can be substantial without such relief, starting at $25 per day, up to $15,000 per return or statement.
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