mming Posted January 4, 2023 Posted January 4, 2023 Form was filed a few months late but no correspondence has been received yet from the IRS. Although it's my understanding that penalty relief can be applied for even after the IRS has sent a letter assessing penalties, there always exists the possibility that the DOL may instead send such correspondence, at which time the option to obtain penalty relief disappears. As such, it would appear that the best approach would be to file an amended return at this time (i.e., before the feds contact the client) via the IRS penalty relief program for EZ forms - agreed? Thanks in advance for all assistance. Luke Bailey 1
Bill Presson Posted January 4, 2023 Posted January 4, 2023 I always recommend using the relief programs provided. RatherBeGolfing and Luke Bailey 2 William C. Presson, ERPA, QPA, QKA bill.presson@gmail.com C 205.994.4070
Popular Post C. B. Zeller Posted January 4, 2023 Popular Post Posted January 4, 2023 Form 5500-EZ is solely within the jurisdiction of the IRS, so the DOL will not come asking about it (and if they do, you can politely tell them to take a hike). However, this means that if the IRS assesses penalties on a late 5500-EZ then it is too late to apply for relief. RatherBeGolfing, Luke Bailey, Bill Presson and 3 others 6 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
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