
INSIGHTS FROM OUR NATIONAL TAX OFFICE	MAY 15, 2015

Small Retirement Plan Late Form 5500 Penalty Relief Filing Due by June 2, 2015

Most employee benefits plans are annually required to file a return in the Form 5500 series with the IRS. A Form 5500 is used to report the qualification, financial condition and operations of a plan and is an important source of information for the Internal Revenue Service (IRS), the Department of Labor (DOL) and the Pension Benefit Guaranty Corporation (PBGC).

For a calendar-year plan, the Form 5500 due date is generally July 31 of the year following the close of the year for which the Form 5500 is being filed (fiscal year plans file the Form 5500 on the last day of the 7^th month following the close of the fiscal year for which the Form 5500 is being filed). Late retirement plan filings may be subject to a $25 penalty for each day the failure to file continues (up to a maximum of $15,000 per Form 5500).

The Relief
Released by the IRS in June 2014, a one-year delinquent/late filing penalty relief program for certain retirement plans was made available. Under the program, if an eligible plan's sponsor files any delinquent or late applicable Form(s) 5500 by June 2, 2015, no late filing penalties will be assessed.

Is your plan eligible? Click here to find out and for instructions on how to file.

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This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Eide Bailly LLP and the author do not assume responsibility for any individual's reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique before recommending the technique to a client or implementing it on the client's behalf. To request reprints of this publication, send a written request to RequestReprints@eidebailly.com. © 2015 Eide Bailly LLP.