GregM

Just got off the phone with the IRS, as of Sept. 25th both penalties have been removed! Hooray!? They claimed that it takes up to 30 days after resolving a claim before receiving a formal response, so I suppose I'll get a letter in the mail soon-ish. Thank goodness this nightmare is finally behind me

Thanks that's good to know, still awful but I would much prefer $500 Anyway more updates! On August 8th I received mail that stated the IRS needed 60 more days to process my appeal (i had written them a letter explaining the situation). Then on October 1st I got a letter in the mail stating that ~$200 in interest has been added to one of the previous bills. And now it is now October 8th (60 days later) and no official response yet to my letter. I will try to contact them this week to sort this out, would sleep much better once this goes away...

One month later an update, got a bill for $15,000 in the mail due to late filing penalty Part of me wonders if the submitting them late into efast alerted them to slap the penalty on me... Anyway, I will be calling their provided number next week to try to resolve. A $15K fine for an optional piece of paper under my circumstances is unbelievable!

Got it, thanks so much Mike! That's a huge relief, as the severity of the potential fines is staggering

Hello, so quick question regarding a late 5500-SF: Recently when going through finances I noticed that I forgot to file my 5500-SF on the efast.dol.gov website in 2015 and 2016. (Well, I didn't "forget" but rather I missed a special link in my payroll, which passes the final electronically-filled form to efast...). I have filed 5500-SFs in years prior, and had planned to continue do so. However I am a one participant plan with assets < $250K, so it is my understanding that it is was technically not necessary to file. The other day out of panic, when I noticed those 2 years weren't filed in efast I submitted them anyway. However I realized afterward there is a substantial penalty for late filing, and these late forms are now visible from within efast... My questions are as follows- 1) Will the fact that I submitted late 5500-SF forms to the efast website trigger an audit? 2) Will I be charged a penalty? And if so, is there a way I can pay any fees in a advance of receiving a bill from the govt? I noticed in the DFVCP penalty calculator it states "Form 5500-EZ filers are not eligible for the DFVC program." which concerns me greatly... I have yet to receive any late filing notice but I fear the clock might be ticking... Any advice would be appreciated!!