Guest RBlaine Posted September 3, 2003 Posted September 3, 2003 Is there a program for the 5500 EZ that is similar to the DFVC program? Anyone taken over a one person plan that had never filed 5500 EZ's? He has had more than 100k in the plan since day 1 since it has rollover money in it.
Belgarath Posted September 3, 2003 Posted September 3, 2003 No program that I'm aware of. We have not taken over a plan that NEVER filed a 5500 EZ if required - we've taken over many that have had a late filing for takeover year, etc., and I've found the IRS to generally be pretty reasonable in negotiating reduced or zero penalties. At least you don't have to worry about DOL penalties on this one, so it somewhat limits the damage. How many years are you talking about? With a potential penalty of up to 15,000 for each year, it might be worth their while to hire some savvy ERISA counsel to negotiate for them.
Guest RBlaine Posted September 3, 2003 Posted September 3, 2003 They started the plan in Sept 1999. So 1999, 2000 and 2001 were never filed. If there were just one late filing, I could probably get reduced fines, but with this many, maybe they should get an attorney involved.
Guest PORTE Posted September 4, 2003 Posted September 4, 2003 I don't see a reason that you can't use the DFVC Program. You elect to file an EZ. If you think EZ's are not allowed in the DFVC program, file 5500's. Nothing precludes you from filing a 5500.
WDIK Posted September 4, 2003 Posted September 4, 2003 The relief under the DFVC Program is available only if Form 5500 is required to be filed under Title I of ERISA. Form 5500 filers for plans without employees are not eliglbe since they are not subject to Title I. ...but then again, What Do I Know?
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