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  70 West Madison St.
  Suite 1500
  Chicago, Illinois 60602
  (312) 696-1373

  aswilliams@golanchristie.com 

 

 

 

ANNUAL REPORTS/NON-FILERS

The IRS and the Department of Labor (DOL) recently announced a joint enforcement effort directed to non-filers of annual reports on Form 5500.  At the same time, non-filers are encouraged to voluntarily comply in accordance with the DOLís Delinquent Filer Voluntary Compliance (DFVC) Program, which substantially reduces the monetary penalties that would otherwise apply (for example, the penalty for a "small plan" non-filer is limited under the DFVC to $750 per annual report with a maximum per plan penalty of $1,500).   In the case of large plans (those with 100 or more participants at the beginning of the plan year), penalties are limited to $2,000 per annual report and $4,000 per plan.  Any sponsor of a qualified retirement plan or welfare benefit plan (plans providing benefits such as medical, dental, disability, life insurance and the like) that has not previously filed all required annual reports should consider a DFVC submission.

 

Andrew S. Williams
Golan & Christie LLP
70 West Madison St.
Suite 1500
Chicago, Illinois 60602
(312) 696-1373
aswilliams@golanchristie.com

 

   
Copyright © 2003 - 2014  Andrew S. Williams. All rights reserved.