Penalty Relief Pilot for Small Retirement Plans Begins in June

Are you a small business owner with a retirement plan?

Have you fallen behind on your annual plan filings (IRS Form 5500)?

Were you even aware that you were required to file annually?

The bad news is that Plan administrators and sponsors who do not file an annual Form 5500 series return can face stiff penalties – up to $15,000 per return.  The good news is that under an IRS pilot program commencing in June small businesses with retirement plans that owe penalties for not filing reporting documents, can avoid penalties by filing current and prior year forms. 

If you’ve failed to file returns for your retirement plan or think you may have failed to file contact the Law Office of Jack Stuart Beige & Associates, P.C. or your tax professional.




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