IRS Announces Penalty Relief Pilot Program
The IRS announced last week that it will be offering a pilot program to allow small businesses with retirement plans to catch up on filing reporting documents without facing a penalty. The program allows plan administrators who did not file annual Form 5500 series returns to file those returns for current and prior years, and avoid the heavy penalties that could be assessed for the late returns. The program is scheduled to start in June 2014 and run for one year. More information is available in Revenue Procedure 2014-32.
This blog is for informational purposes only and should not be relied upon as legal advice.