2004/2005 late 5500 filing and penalty assessed

[Lori H]

2004 5500 was due 7/31/05 EBSA reports it received 4/19/07

2005 5500 was due 7/31/06 EBSA reports it received 4/19/07

plan admin has now been assessed 15000, plus 2169.52 interest for 2004 and $6325 plus 914.82 int for 2005 py. Since they have been assessed, it is too late for any of the correction programs?

The plan sponsor received their 5500's at least one month prior to the filing deadline. Looks like they just mailed 2 in at the same time. both late.

any suggestions?

[Guest Sieve]

DFVCP (Delinquent Filer Program) is not available once DOL has notified you that a return is late:

"The DFVC Program is available only to a plan administrator that complies with the requirements of Section 3 or Section 4, as appropriate, of this Notice prior to the date on which the administrator is notified in writing by the Department of a failure to file a timely annual report under Title I of ERISA."

DFVCP is available, however, if the notification is from the IRS, even if penalties are being billed.

In any event, even if DFVCP is not available, you can still request an abatement of DOL penalties, with an explanation. If all 5500s have been filed timely prior to this, and with some luck (cross your fingers), you may be able to obtain a one-time abatement--for at least one of the returns.

[Lori H]

How do you submit old Schedules (P, R, SSA,etc) electronically, if they are not on Relius website on a DFVC filing?????

[Bird]

ASPPA asap 10-08 covered this; if you aren't a member and don't get asaps (you should think about it) the primary reference was DOL FAQ #4.

[Lori H]

Well we have downloaded the old schedules from the DOL but can not add the plan info to them? There must be a simple way to add the old schedules to the DFVC filing where you can fill out the info (i.e. Schedule P) and save them. Do you have to use a typewriter then scan them?

[K2retire]

You still have a typewriter?!?

[Lori H]

You still have a typewriter?!?

lol. actually we do....and a fax machine.

[Guest Sieve]

Do you have one of these: http://www.vintagecalculators.com/html/monroe_ln-160x.html

[Guest naveen]

You still have a typewriter?!?

FYI Acrobat does have the "Typewriter" feature nad actually works wonders in such a situation.