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Correcting Late or Missing Form 5500s Filings for Non-ERISA Covered Plans

For plans not subject to ERISA, failure to timely file an Annual Report Form 5500 (“Form 5500”) may subject the plan sponsor to statutory penalties of $25 per day, up to a maximum of $15,000 per plan, assessed by the Internal Revenue Service (“IRS”). Non-ERISA covered plans include one participant plans and foreign plans. Both are required to file a Form 5500-EZ. The Penalty Relief Program (“PRP”) provides relief for those plans not covered by ERISA that must file a Form 5500-EZ. See Revenue Procedure 2015-24, June 15, 2015.

The IRS requires a completed paper copy of the Form 5500-EZ (Form 5500-SF may not be used for this purpose), including all schedules, along with a copy of a Form 14704 (transmittal) mailed to the IRS. At this time, the IRS does not have a system for accepting electronic filings. Plans that received a penalty assessment notice (Form CP 283), are ineligible to participate in the correction program.

Please feel free to contact us if you need advice about late filings.

© Boutwell Fay LLP, All Rights Reserved. This handout is for information purposes only, and may constitute attorney advertising. It should not be construed as legal advice and does not create an attorney client relationship. If you have questions or would our like advice with respect to any of this information, please contact us.

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