Flyboyjohn Posted November 25, 2022 Share Posted November 25, 2022 Plan Sponsor/Administrator files 2018 5500-SF one year late (not under DFVC). Ignores IRS penalty letters and IRS has now assessed a $70K penalty. No DOL penalty assessment yet. Can we file an amended 2018 5500 under DFVC and get IRS penalty abated or is it too late? Many thanks. Link to comment Share on other sites More sharing options...
Luke Bailey Posted November 29, 2022 Share Posted November 29, 2022 I don't think it's too late. Check out https://www.irs.gov/retirement-plans/irs-penalty-relief-for-dol-dfvc-filers-of-late-annual-reports and the referenced authority (Notice 2014-35). As long as you satisfy the DOL's requirements for DFVCP the IRS should waive penalties. It may require some correspondence and/or phone calls to IRS since the client is this late into the process with IRS. SSRRS, Bill Presson and CuseFan 3 Luke Bailey Senior Counsel Clark Hill PLC 214-651-4572 (O) | LBailey@clarkhill.com 2600 Dallas Parkway Suite 600 Frisco, TX 75034 Link to comment Share on other sites More sharing options...
thepensionmaven Posted December 29, 2022 Share Posted December 29, 2022 Agree with Luke Bailey. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now