IRS now officially linked with DOL DFVC program

[Tom Poje]

note, this also includes form 8955-ssa

http://us.practicallaw.com/0-567-8745

Notice 2014-35

ERISA and the IRC provide penalties for the late filing of a Form 5500 series return and other information. The DOL's Delinquent Filer Voluntary Compliance (DFVC) Program allows plans that fail to timely file their annual reports to admit to noncompliance in exchange for reduced penalties (see Legal Update, DOL Notice Updates Delinquent Filer Voluntary Compliance (DFVC) Program). Benefit plans participate in the program by filing an application and submitting the late annual reports. Under Notice 2014-35, the IRS will not impose penalties under IRC Sections 6652(d), 6652(e) and 6692 for a plan's late filing of a Form 5500 series return (including Forms 5500, 5500-SF or 8955-SSA) or an IRC Section 6059 actuarial report, for a year for which one of these forms must be filed, if the person.....


last paragraph of article
By linking the IRS' penalty relief procedures to the DOL's DFVC Program, Notice 2014-35 gives late filers of Form 5500 Series returns an incentive to participate in the relief programs of both agencies. However, plan administrators and sponsors participating in both programs should be sure to submit Form 8955-SSA on paper with the IRS for the year at issue, even though the DFVC program requires Form 5500 series returns to be filed electronically using the EFAST2 system.