A delinquent filer voluntary compliance program (DFVCP) was initiated jointly by the Internal Revenue Service and Department of Labor in 2002. The purpose of this program is to encourage both pension and welfare benefit plan administrators to file overdue Form 5500s with reduced civil penalties for voluntarily complying with the annual reporting requirements.
The IRS announced that late filing penalties will be waived for certain 5500 filers who:
Additional information about the IRS penalty waiver is available on its website.
New Penalty Relief Program for Delinquent 5500-EZ Filers
The IRS has also initiated a pilot penalty relief program for Form 5500-EZ filers. The types of plans eligible for waiver of IRS penalties due to delinquent Form 5500-EZ filings are:
This pilot program is scheduled to run from June 2, 2014 to June 2, 2015; although, it may be extended permanently. Additional information about this program can be found on the IRS website.
Access articles and tools to help your business generate cash, improve leverage, and align & transform as you recover from the pandemic.
Access all COVID-19 related articles to help your business respond to the pandemic.