{"id":4457,"date":"2020-01-20T18:11:38","date_gmt":"2020-01-20T23:11:38","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=4457"},"modified":"2020-01-20T18:11:38","modified_gmt":"2020-01-20T23:11:38","slug":"secure-act-makes-those-late-5500s-more-costly","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=4457","title":{"rendered":"SECURE Act makes those late 5500s more costly"},"content":{"rendered":"<p><span class=\"s3\">One aspect of the SECURE Act that many <\/span><span class=\"s3\">commentators<\/span><span class=\"s3\"> failure to note is that it\u2019s <\/span><span class=\"s3\">mor<\/span><span class=\"s3\"> expensive to file a late Form 5500.<\/span><\/p>\n<p class=\"s4\"><span class=\"s3\">The I<\/span><span class=\"s3\">nternal <\/span><span class=\"s3\">R<\/span><span class=\"s3\">evenue <\/span><span class=\"s3\">S<\/span><span class=\"s3\">ervice (IRS)<\/span><span class=\"s3\"> penalty before the SECURE Act was $25 a day, up to a maximum penalty of $15,000 per plan year. The SECURE Act has increased the IRS penalty<\/span><span class=\"s3\"> to<\/span><span class=\"s3\">$250 a day, up to a maximum penalty of $150,000 per plan year. <\/span><\/p>\n<p class=\"s4\"><span class=\"s3\">The D<\/span><span class=\"s3\">epartment <\/span><a name=\"_GoBack\"><\/a><span class=\"s3\">of <\/span><span class=\"s3\">L<\/span><span class=\"s3\">abor\u2019s (DOL) fees are even higher<\/span><span class=\"s3\"> with the penalty for a late filer being $2,194 per day (adjusted for inflation for penalties assessed after January 23, 2019),<\/span><span class=\"s3\">\u00a0<\/span><span class=\"s5\">with no <\/span><span class=\"s3\">maximum<\/span><span class=\"s5\">.<\/span><\/p>\n<p class=\"s4\"><span class=\"s3\">To be eligible to reduce <\/span><span class=\"s3\">these <\/span><span class=\"s3\">potential penalties through the DOL\u2019s Delinquent Filer Voluntary Compliance Program (DFVCP), <\/span><span class=\"s3\">you will have to file the application as a plan sponsor. If the plan is under IRS or DOL audit, you are going to find yourself no longer eligible <\/span><span class=\"s3\">for the DFVCP.<\/span><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>One aspect of the SECURE Act that many commentators failure to note is that it\u2019s mor expensive to file a late Form 5500. The Internal Revenue Service (IRS) penalty before the SECURE Act was $25 a day, up to a &hellip; <a href=\"https:\/\/therosenbaumlawfirm.com\/blog\/?p=4457\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4457"}],"collection":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4457"}],"version-history":[{"count":1,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4457\/revisions"}],"predecessor-version":[{"id":4458,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4457\/revisions\/4458"}],"wp:attachment":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}