Guest elang Posted January 31, 2012 Posted January 31, 2012 We have a new one-participant client (husband & wife). Plan started in 2007 & assets exceeded $250K in the 2009 Plan year. He has not filed 2009 or 2010. Is their a corrective program by which he can file? Thanks in advance for your help.
jpod Posted January 31, 2012 Posted January 31, 2012 No, but if they file and attach a Reasonable Cause Statement to each EZ stating that the employer is a "first time filer" and prepared and filed the EZs as soon as this failure was brought to its attention, quite likely no penalties will be assessed.
shERPA Posted January 31, 2012 Posted January 31, 2012 I was not at the LA Benefits Conference, but understand IRS personnel there announced they would be coming out with a DFVC program for EZs "very soon", and for the first year under the program there would be no penalty for late filed EZs. I carry stuff uphill for others who get all the glory.
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