IRS issues Form 5500 penalty relief

The IRS has issued a notice and revenue procedure providing relief from penalties for late filing of the
Form 5500 annual report.

Notice 2014-35 applies administrative relief to late filers of Form 5500 who satisfy the conditions specified in the notice and the Delinquent Filer Voluntary Compliance Program (DFVC) administered by the Employee Benefits Security Administration (EBSA).

Rev. Proc. 2014-32 establishes a temporary one-year pilot program to provide relief to plan administrators who fail to timely file Form 5500-EZ.

Source: IRS Notice 2014-35 and IRS Rev. Proc. 2014-32.

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