Certain small businesses that have failed to timely file required retirement plan returns have until June 2, 2015 to take advantage of a special IRS penalty relief program that was launched last year.
This IRS penalty relief was launched June 2, 2014, and provides administrative relief from penalties occurred from failure to file. Some small business may have either been unaware or ignored the reporting requirements. Plan administrators and sponsors that fail to file can face high penalties – up to $15,000 per return.
The applicant must complete Form 5500 series return, including all required schedules and attachments for each plan year penalty relief is sought. This relief is generally open to certain small businesses (owner-spouse) plans, business partnership’s plans, and certain foreign plans.
Additional information on Employee Benefit Plans through Brickley DeLong click here.