Late 5500 Filing

[ndj2377]

Have a DB client PYE 6/30/16 where form 5558 was not filed (was due 1/31/17) and they now have a late filing. The issues we have are:

• They still need to contribute to the 2015 plan year;
• The audit report will not be ready to file until April - possibly later;
• They have a bad history already with the DOL/IRS for missed filings, etc - the audit reports have not been on time for the last 4 years and the 5500 was filed without them. They have paid  penalties to correct those filings.

I would like them to avoid having to pay excessive penalties for the missed filing. Would it be best to just wait until they can make the contribution and file without the audit report or wait until they have the audit report as well? When the filing is completed - we intend to use the DFVCP.

In everyone's experience, how quickly will the IRS/DOL notice the late filing? Would it be risky to not file for another month until the contribution and audit report are complete?

[NJ Mike]

Has the employer/sponsor been granted an extension of time to file its federal income tax return to a date later than 1/31/2017?  

[ndj2377]

8 minutes ago, NJ Mike said:

Has the employer/sponsor been granted an extension of time to file its federal income tax return to a date later than 1/31/2017?  

I will be checking with them on that today.

[ndj2377]

8 hours ago, NJ Mike said:

Has the employer/sponsor been granted an extension of time to file its federal income tax return to a date later than 1/31/2017?  

They did file for a corporate extension. Got a little extra time to get it filed.