Form 5500-sf filed one day late

Client forgot to file form 5558 yesterday and was told by accountant o file one today, send overnight and also to get"into gear" and file Form 5500-SF today and check off the box for Form 5558.

I know Ogden is backed up, but what are the odds this one would slip by with no penalty?

I mean, I have never heard of a penalty for a form 5500 being one day late.

If they file the 5500-sf today they only have a penalty for one day so I wouldn't sweat it.    If it comes up, the client should just pay the penalty and move on.   The biggest issue is that they will hear from the IRS two-three years from now and it'll take hours to remember what happened.

Don't forget the DOL can impose substantial penalties for a late filing in addition to the IRS. The DOL penalty is currently $2,233 a day. DFVCP by comparison is $10 a day with a cap of $750. I think the choice is clear.

Also, don't file the 5500-SF saying that it was filed under 5588, if 5588 was not filed. Remember the plan administrator is signing under penalty of perjury. Check the box for DFVCP and pay the $10.

Isn't it also true that if the 5558 wasn't filed timely it's a moot point anyway because the IRS will go back to the original filing deadline to access late filing penalties?

1 minute ago, pmacduff said:

Isn't it also true that if the 5558 wasn't filed timely it's a moot point anyway because the IRS will go back to the original filing deadline to access late filing penalties?

Correct. But I would assume yesterday is the original filing date if the 5558 was due yesterday.

I was thinking more of what the OP said about checking the 5558 box on the return when filed:

"...get"into gear" and file Form 5500-SF today and check off the box for Form 5558. "

12 minutes ago, pmacduff said:

I was thinking more of what the OP said about checking the 5558 box on the return when filed:

"...get"into gear" and file Form 5500-SF today and check off the box for Form 5558. "

Gotcha!