IQPA never filed

[goldtpa]

What remedies are avaialble if the independent qualified public accountant's report is not attached to the 5500? Is the DFVC an option?

Thanks

[jpod]

DFVC is an option for incomplete filings as well as late filings, assuming you otherwise qualify for DFVC (i.e., haven't been contacted yet by DOL).

[bzorc]

You could file your 5500 without the audit report, get a DOL notice for filing an incomplete return, and then respond with the completed audit report. I have done this in the past.

Or, you could hold your entire filing and when the audit report is complete, file the entire return under DFVC.

I guess I would say it depends on your comfort level.

[BeckyMiller]

At the last AICPA Employee Benefit Plans conference, Ian Dingwall of the Office of Chief Accountant - the guys that bounce 5500's, reminded the folks in the room that the first line of voluntary correction is to file an amended return. That works as long as you have not received a rejection notice. It also works for the first rejection notice where you have 45 days to respond. But, if this is this year's report, recognize that the time it takes for the DOL to reject a filing has become really short. I have seen these rejections returned in 43 days!

[Guest eestinsv]

I have a client that has not filed for 4 years and needs an audit. They are not ready for their audits, and it will take them some time to gather all of the information needed. They want to file an incomplete 5500 (complete except for the audit) with DFVC and pay the voluntary DFVC fees to enter the program. We would submit the audit when it is complete, probably in around 2 months. The client is afraid that they will receive a notice from DOL before the audit is complete. Has anyone filed an incomplete 5500 under DFVC? Would they deny the DFVC filing and assess a penalty?

Thanks,

Keith

[WDIK]

The guidelines for using the DFVC Program indicate that you must "file with EBSA a complete Form 5500 Series Annual Return/Report, including all schedules and attachments, for each year relief is requested." (emphasis added)

I have no personal experience, but suspect that an incomplete filing would not be accepted.

[Guest eestinsv]

You are correct, I finally got through with the DOL, and they told me that they could not enter the DFVC until the audits were complete, and to quote the DOL person "not being able to enter right away should be extra incentive for them to get those audits done more quickly."

Keith