I have about a half dozen corporations where I need to file a corporate tax return by March 15. Every year, I panic and get the work done. I think one year, I was on an extension. So I don\u2019t understand when I have clients with multiple years missing of a Form 5500 being filed.<\/p>\n
The problem is there is no statute of limitations for failing to file a tax return, so missed returns from 6 or 7 years ago, are still outstanding. The current penalty from the Department of Labor for a late 5500 filing is $2,670 per day, with no limit. The Internal Revenue Service penalty for the same missing form 5500 is up to $250 a day, up to a maximum penalty of $150,000 per plan year.<\/p>\n
So if you have missing returns, contact your third-party administrator and\/or ERISA attorney and get those forms filed through the Delinquent Filer Voluntary Compliance Program, where the fees for forgiveness are way less than penalties that can be in 6 digits.<\/p>\n
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