Help_5500EZ_150K

Just wanted to provide an update incase anyone is in the similar situation. I will try to provide updates as they happen, hopefully helps people in my situation. Latest Update: IRS has cashed the $500 check I had mailed with the 5500EZ Delinquent Filing Penalty Relief (for year 2020). I dont know what this means - hoping my $150K penalty is removed. IRS cashing the check is it a confirmation of their acceptance ?? The 1st year I was required to file form 5500EZ was in 2017. Unfortunatley I did Not know about this EZ compliance requirement, but when I became aware of it few months after the deadline had passed (IRS had NOT sent any notice to me). I had filled the 5500EZ Delinquent Filing Penalty Relief for 2017, they cashed my check, but I never got any letter back from IRS acknowledging they had accepted penalty relief. But for year 2020, I have a received the notice (CP-220) with $150K penalty, so I am praying that they send me a confirmation that they have received the Penalty relief form and I longer owe them the penalty. Question: Can 5500EZ Delinquent Filing Penalty Relief program be used more than once by the plan or is it a one-time use only ? For example, since I had used it few years back (for year 2017), can I use it again now for the year 2020 ?

Thank you @RatherBeGolfing and @Luke Bailey. Really appreciate your response. I mailed the 5500EZ Delinquent Filing Penalty Relief today (& saved the USPS receipt). Hoping/praying that will resolve this issue. Will IRS send me a notification that they have accepted my Delinquent Filing Penalty or just them cashing the check is the sign that its accepted ? $150K is a very high penaly for a simple mistake of not having the mailing receipt to prove that I had mailed the form on time . This is very stressful

@RatherBeGolfing - Thank you for your response. - Since I have already received the notice CP-220 with $150K penalty amount - do I still qualify for "5500EZ Delinquent Filing Penalty Relief" and pay $500 ? Few CPA's I have contacted dont seem to have expierence dealing with peanlty on Form 5500. Can you recommend any CPA or attorney services that specialize in this ? Also, My company hardly makes any money, (I now work at a different company). My company wont be able to pay $150K. Would I have to pay it from personal funds ?

@Just Tri - I am in the similar situation. Received a CP-220 notice with $150K penalty. Were you able to use the IRS Penalty Relief Program (& pay the $500) and resolve this ? Greatly appreciate your response I had mailed the 5500-EZ on time, but IRS says then did not receive it and I dont have the documentation of prrof of my mailing ...

Hi All, I am new here and hoping to get some guidance. I just received a $150K bill for 5500-EZ. (attached) Its notice CP 220 for my Form 5500-EZ (Solo401K & I am the only employee in my company) for year ending 2020. I called the number on the notice, I was told this $150K amount due is for the penalty for late filing. But I had mailed my 2020 5500-EZ on time in 2021, but I dont have the proof of mailing. For all required years, I have always mailed on time. Also, earlier this year, I had received "Compliance Check Information Request letter" stating they dont have 2020 & 2021 forms (attached). So I had faxed them the form I had originally mailed. Per the agent on the phone today, for 2020, they uploaded my faxed 5500-EZ but with the filled date as the date they received my fax (May of this year). So they are treating it as filled late and $150K is penalty for the late fee. What are my options? - the agent suggested I write a letter and explain this and hope they remove the penalty. - I am worried what if my letter of explanation is rejected and penalty is not waived ? Do I have any other option to pursue ? - My company hardly makes any money, (I now work at a different company). My company does not have the funds to pay this. Would I have to pay it from personal funds ? - Since the notice is CP 220, and Not CP238, should I just file the "5500EZ Delinquent Filing Penalty Relief" and pay $500 ? or I am no longer qualified for this due to the notice I just received? Where can I find right professional to represent me sorting this out. Appreciate any help. Thanks !