DFVC Program

[jkharvey]

If a client filed the F5500 a year late can we still submit to DFVC for waiver of IRS penalty? We haven't received any notice from DOL as of yet. The IRS has sent a request for payment of $8775 for the penalty.

Client didn't contact us before submitting the 5500 after he realized he hadn't filed it yet.

[Guest smq130]

I don't know the time limitations to the DFCF program. However, you can call 202-693-8500 and ask to speak to a Pension Law Analyst. Also, aks if the Voluntary Fiduciary Correction Program (VFCP) would apply to your circumstances. If yes, then also consider obtaining class exemption 2002-51, which permits the DOL to relieve employers from IRS penalties for very limited circumstances. However, 2002-51 requires that you satisfy the standards set up for VFCP.

Hope this helps,

SM