Does anyone know the penalty for filing the form 5500 late (Pension Plan tax return due July 31st); and if there is an extension form available. Thanks
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Form 5500 instructions, page 4 says:
Extension of Time To File
Using Form 5558
A plan or GIA may obtain a one-time extension of time to file
Form 5500 (up to 2 1/2 months) by filing Form 5558, Application
for Extension of Time To File Certain Employee Plan Returns,
on or before the normal due date (not including any extensions)
of the return/report. You MUST file Form 5558 with the IRS.
Approved copies of the Form 5558 will not be returned to the
filer. However, a photocopy of the completed extension request
that was filed must be attached to the Form 5500. (See Section
3: Where To File.)
File Form 5558 with the Internal Revenue Service Center,
Ogden, UT 84201-0027.
Form 5500 instructions, page 7 says:
Penalties
ERISA and the Code provide for the Department of Labor
(DOL) and the Internal Revenue Service (IRS), respectively, to
assess or impose penalties for not giving complete information
and for not filing statements and returns/reports. Certain
penalties are administrative (i.e., they may be imposed or
assessed by one of the governmental agencies delegated to
aa dlemginails cteorn vthicet ioconl.lection of the Form 5500 data). Others require
Administrative Penalties
Listed below are various penalties under ERISA and the Code
that may be assessed or imposed for not meeting the Form
5500 filing requirements. Whether the penalty is under ERISA
or the Code, or both, depends upon the agency for which the
information is required to be filed. One or more of the following
administrative penalties may be assessed or imposed in the
event of incomplete filings or filings received after the due date
unless it is determined that your explanation for failure to file
properly is for reasonable cause:
1. A penalty of up to $1,100 a day for each day a plan
administrator fails or refuses to file a complete report. See
ERISA section 502(c)(2) and 29 CFR 2560.502c-2.
2. A penalty of $25 a day (up to $15,000) for not filing
returns for certain plans of deferred compensation, trusts and
annuities, and bond purchase plans by the due date(s). See
Code section 6652(e).
3. A penalty of $1 a day (up to $5,000) for each participant
for whom a registration statement (Schedule SSA (Form 5500))
is required but not filed. See Code section 6652(d)(1).
4. A penalty of $1,000 for not filing an actuarial statement.
See Code section 6692.
Other Penalties
1. Any individual who willfully violates any provision of Part
1 of Title I of ERISA shall be fined not more than $100,000 or
imprisoned not more than 10 years, or both. See ERISA section
501.
2. A penalty up to $10,000, 5 years imprisonment, or both,
may be imposed for making any false statement or
representation of fact, knowing it to be false, or for knowingly
concealing or not disclosing any fact required by ERISA. See
section 1027, Title 18, U.S. Code, as amended by section 111
of ERISA. -
% 1100 per day Ahhhhhhhhhh!!!!!!!!!!!
$ 1,100 per day penalty for a late 5500. Ahhhhhhhhhhhh. Tomarow morning I head for the Post Office, certified mail with form 5558. Thanks BeesKnees for the quick response. I though someone was taking care of this and found out they may not be. Nice to be back on the board and see your stilll at it. Wishing you Many Happy Returns,
John of PAComment
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Nice to have you back, John of PA. Don't make yourself a stranger. Stop by and say hi from time to time.Comment
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Will do
Will do, thank youComment
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