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IRS Makes Permanent Late Filing Relief for 5500-EZers

The Internal Revenue Service has provided a new, permanent program for late filing Form 5500-EZ.

The program, outlined in Revenue Procedure 2015-32, replaces last year’s one-year pilot program – which ended Tuesday, June 2, 2015.

The permanent program generally follows the requirements of the pilot program, but the IRS notes that some changes have been made to reflect the comments received about the pilot program, as well as to reflect the addition of a payment requirement.

Under the new program, the payment for each submission is $500 for each delinquent return for each plan, up to a maximum of $1,500 per plan. The IRS explains that, because applicants under this program will typically be smaller than filers under the DFVC program, a smaller payment is required under this program for two or fewer delinquent returns than is required under the DFVC program, but the maximum amount per plan (which applies under this program to three or more delinquent returns) is the same.

Additionally, in order to keep the calculation of the payment simple, payments are not based on the number of days the return is delinquent.

Additional information about the program, eligibility and requirements is available here.