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Form 5500 Penalties Increase: Do You Know Who Is in Your Controlled Group?
Wilkins Finston Friedman Law Group LLP 
[Guidance Overview] Nov. 18, 2016 "The penalty [under ERISA Section 502(c)(2) for a failure or refusal to file Form 5500] has been increased from a maximum of $1,100 per day to a maximum penalty of $2,063 per day.... [G]iven the size of the increase, there could be more incentive for the DOL and IRS to pursue Form 5500 audits. Given the significant penalties, plan sponsors should carefully analyze their controlled group relationships to ensure that they are properly reporting subsidiary or other related entities on the Form 5500." MORE >> |
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