IRS Provides Penalty Relief for Some Late Filers of Form 5500
On May 9, 2014, theIRS announced a new penalty relief program for late 5500-EZ filers and late 5500 filers who were required to file this this form because it was a non-ERISA plan that failed to meet the 5500-EZ requirements for plan years before 2009. The program will run from June 2, 2014 through June 2, 2015.
The eligibility requirements are:
- The plan must not have received a penalty notice for the delinquent return.
- The late return plus any required schedules and attachments, using the original forms.
- In red lettering in the top margin enter “Delinquent return submitted under Rev. Proc. 2014-32, Eligible for Penalty Relief.”
- Attach a one-page transmittal schedule to the front of each return.
Electronically filed returns through EFAST2 are ineligible.
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