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ARTICLE · 24 JUNE 2014

Employee Benefits Update - June 2014

Reinhart, Boerner, Van Deuren SC
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The IRS issued two new pieces of guidance (Revenue Procedure 2014-32 and Notice 2014-35) providing penalty relief for certain late filers of Form 5500.

United StatesEmployment and HR
Steven Huff
Steven Huff
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IRS ISSUES NEW RELIEF FROM FORM 5500 SERIES LATE FILER PENALTIES FOR CERTAIN EMPLOYEE BENEFIT PLANS

On May 9, 2014 the IRS issued two new pieces of guidance (Revenue Procedure 2014-32 and Notice 2014-35) providing penalty relief for certain late filers of Form 5500. Generally, plan administrators who fail to timely file Form 5500 series annual reports can be subject to penalties under both Title I of the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (Code). The plan sponsor or administrator can face late filing penalties for delinquent Forms 5500 and Forms 5500-EZ as high as $15,000 for each late return, plus interest.

Non-Title I Retirement Plans (One-Participant Plans and Certain Foreign Plans)

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