thepensionmaven Posted March 2, 2020 Posted March 2, 2020 We took over a plan recently, Form 5500-SF was filed, mistakenly checked the box "DFVC" The form was filed late, we have EFAST receipt; and IRS would have charged $425 had not the DFVC box been checked. I called EFAST and was told all I had to do was refile an amended return without checking DFVC. Just a bit concerned about IRS. Client has no problem paying the $425, but I'm sure they will assess a penalty for "late payment"? Just wondering which way to go.
Bug on my window Posted March 3, 2020 Posted March 3, 2020 Can you provide more detail on this, specifically the plan sponsor's reasoning for not using the DFVC? Are they currently under review by a federal agency? The above is my opinion only, not anyone else's. I'm not a lawyer nor do I play one on TV.
BG5150 Posted March 4, 2020 Posted March 4, 2020 22 hours ago, Bug on my window said: Can you provide more detail on this, specifically the plan sponsor's reasoning for not using the DFVC? Are they currently under review by a federal agency? $425 is cheaper than $750 for DFVC. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
thepensionmaven Posted March 5, 2020 Author Posted March 5, 2020 DFVC was checked in error, previous year had to be filed under DFVC. Just wondering if we amend the filing to get the "DFVC" box unchecked, as DOL suggests, IRS could possibly come around and not only ask for the $425 in late fees, but add some sort of interest increment to it.
BG5150 Posted March 6, 2020 Posted March 6, 2020 The question is, I think, when is the IRS late fee due? How long do you have to pay after you file? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
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