Guest JBarn Posted August 18, 1999 Posted August 18, 1999 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 Posted August 19, 1999 Posted August 19, 1999 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 Posted August 20, 1999 Posted August 20, 1999 truth is always a good approach. don't make up some excuse that you think the IRS might accept. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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