Form 5500-EZ - Correction Program

We have a new 1 person plan who failed to file a Form 5500 despite crossing the $250k threshold that requires it.  I was looking at the DFVCP program, but one-person plans don't qualify for it.  Is there a correction program for plans that file Form 5500-EZ?  Trying to figure out how to get them back in compliance.

Thanks in advance!

You will find process on Page 4 of the instructions for the Form 5500-EZ in the section Late Filer Penalty Relief Program.  It also includes a link to the IRS website.

Short version, you have to file on the form on paper using the Form 5500-EZ for the plan year of the missing filing, attach it to Form 14704 which includes providing a reason the form(s) is late, and mail it to the IRS. There is a fee depending upon the number of years.  The IRS then decides if there was a valid reason and whether they will assess a penalty for the late filing.  My experience is they are very forgiving if the filing is voluntary.

4 hours ago, Paul I said:

The IRS then decides if there was a valid reason and whether they will assess a penalty for the late filing.  My experience is they are very forgiving if the filing is voluntary.

Using the penalty relief program under Rev Proc 2015-32 is all based on eligibility and paying the user fee.  As long as you are eligible and pay the fee, the reason doesn't matter.

@RatherBeGolfing is correct that if you are eligible for the penalty relief and pay the fee, you don't have to provide a reason.  I appreciate the clarification.