The Internal Revenue Service has introduced a temporary one-year pilot program that will potentially enable certain small businesses with retirement plans to avoid penalties for not filing a Form 5500-EZ, and certain Forms 5500.
In an effort to encourage employers and plan administrators to “come clean”, the prescribed penalties of $25 per day and up to $15,000 per return can be avoided. For those who have already been assessed a penalty, this new procedure unfortunately doesn’t apply. No user fee is being assessed for participating in this program.
Learn more about the 5500EZ Penalty Relief Program here.
If you have questions on this, or any other tax or business related issue, please contact the experts at Zinner & Co.