Late Form 5500

[Guest JBarn]

Any advice on what letter to IRS should say

when filing Form 5500 C/R for 401-k Plan that was due 6/15/99 (this was extension due date-return due 4/1/99)? This is first filing

for Plan. Does IRS assess money penalties?

Thanks for help.

[Guest]

I have a client or two that have filed late 5500's for one reason or another. An IRS agent once told us that late filing is not the end of the world. They are not concerned about accidents, oversights, etc. It's the chronic late filer or non-filer that they are inclined to levy fines against.

Send the form in with a letter indicating sorrow for missing the filing deadline. Include a reference indicating you consider this obligation to be important and you will file timely in the future.

Good Luck.

[david rigby]

truth is always a good approach. don't make up some excuse that you think the IRS might accept.

[Guest JBarn]

Thank you for the guidance.