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Plan administrators that fail to timely file their Form 5500s can be subject to penalties under both ERISA and the Code. The Department of Labor’s Delinquent Filer Voluntary Compliance Program (“DFVCP”) provides plan administrators with the opportunity to pay reduced Department of Labor penalties for late Form 5500 filings. The DFVCP among other things, requires plan administrators to file the late Form 5500s through the DOL’s EFAST2 system. The DFVCP, however, does not address any penalties that may be imposed by the IRS.
In recently released IRS Notice 2014-35, the IRS stated that it will not impose penalties under Code Sections 6652(d), 6652(e) and 6692 on late Form 5500 filings if the plan administrator: (i) is eligible for and satisfies the requirements of the DFVCP, and (ii) files separately with the IRS a Form 8955-SSA that provides the information required under Code Section 6057 for the late year and otherwise satisfies the requirements of Notice 2014-35. Read More ›
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