Amnesty for Some Delinquent Forms 5500

IRS recently announced a one year pilot program under which small business which may not have filed required Forms 5500 in recent years.  Under the program, catch-up filings will be permitted without imposition of the usual penalties.

Unlike IRS’ usual stance with respect to any number of different delinquent filings, leniency is being offered in cases in which small businesses may have been “unaware” of the filing requirements!

If this is you, and if IRS hasn’t already caught up with you and assessed the penalties (which can reach up to $15,000 per year!) you should look further into the particulars of this program.  See Rev Proc 2014-32.