Francis Posted October 10, 2015 Posted October 10, 2015 A one-person business owner forgot to file his 5500-EZ due 7/31/15 and no extension was filed either. It's a solo-401k with more than $250k of assets and 5500-EZ forms were filed in 2013 and earlier as required. It looks like the penalty is $25 per day ($2,000+)! Does anyone know if there is a way to reduce or eliminate the penalty or is it best to just file the 5500-EZ ASAP and wait for the bill from the IRS? Thanks.
Andy the Actuary Posted October 10, 2015 Posted October 10, 2015 So long as owner has long-term history of filing timely, file and then deal with IRS. Have found IRS to be understanding and forgiving when there is no history of chronic abuse. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
Mike Preston Posted October 10, 2015 Posted October 10, 2015 https://www.irs.gov/Retirement-Plans/Penalty-Relief-Program-for-Form-5500-EZ-Late-Filers
Jim Chad Posted October 28, 2015 Posted October 28, 2015 Has anyone tried writing a letter since the voluntary program was started? I have a farmer that went over $250,000 in 2013. He did not file an EZ for 2013 or 2014, calendar years.
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