Penalty relief program for Form EZ late filers. Filing an Amended Form EZ. Approved software vendors. Use a separate Form for each plan for which you're requesting an extension. Do not attach lists of plans to a Form Use a separate Form for an extension of time to file Form or Form series. Signatures are needed for extension to file Form , but not for extension to file Form series or Form SSA. Avoid errors when requesting an extension.
Nearly every company offering a retirement benefit plan must fill out Form by the last day of the seventh month following the end of the plan year — unless an extension or exemption is granted. Plans that may qualify for a Form exemption but are not guaranteed to do so include:.
Retirement plans covering only a business owner and, potentially, a spouse are usually exempt from filing Form However, if there are eligible employees improperly excluded from the plan, then the form must be filed.
Not all b plans are exempt, but yours may be if you are naturally exempt from ERISA and have limited employer involvement. Churches and government institutions frequently sponsor retirement plans that are exempt from Form filing requirements. Even large plans can qualify for exemption if they are unfunded. Tax-exempt employers sponsoring deferred compensation plans under Code Section may meet Form exemption requirements. Daycare centers, apprenticeship and training programs, union plans, and plans for a select group of elite management or Highly Compensated Employees can be exempt when there are only certain specified benefits, even if the plan has a large number of participants.
On July 23, the IRS issued a proposal to reduce the threshold by which employers filing Form must do so electronically. The threshold will be reduced from to returns for the calendar year. For filings required after calendar year , the threshold will be further reduced to 10 returns. Filers that are unable to file electronically for instance, due to a lack of Internet service may request a waiver from the IRS.
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Benefits July 31 Form Deadline Reminders Filers needing more time should request an extension, keep penalties in mind. Reuse Permissions. Image Caption. Annual forms are filed for: Retirement and savings plans , such as defined benefit pension plans and k s or similar defined contribution, profit-sharing and stock bonus plans.
Health and welfare plans , such as medical, dental, life insurance and disability benefits plans. For penalties assessed after Jan. Form Reporting Tips "The statements and assertions on the Form are made by the employer who signs the filling under penalty of perjury, not the service provider who may have populated the draft," noted John C. Hughes highlighted the following tips to lessen the chances of examination or the imposition of penalties : Maintain appropriate proof of having filed the Form and the extension Form Ensure that the plan name, employer name, tax ID number, etc.
Often, there is an inconsistent use of service provider names as well. Attach an appropriately completed independent audit report, if necessary. For calendar year plans, the deadline is normally July 31 of the following year. A plan administrator may request a one-time extension of two and one-half months by filing IRS Form by the unextended due date of the Form or SF. If the Form is filed on or before the normal due date of the Form or SF, the extension is automatically granted. This automatic extension cannot be further extended by using Form , and it cannot extend beyond a total of nine and one-half months following the close of the plan year.
If an employee benefit plan was terminated last year, a final Form or SF is generally due on the last day of the seventh month following the date of the plan termination.
The employer assigns the plan number. Once a plan number has been used for a plan, it should not be used for any other plan, even if the first plan has been terminated.
Generally, retirement plans are numbered sequentially from , and welfare benefit plans are numbered sequentially from You may find answers to your questions by referring to the online resources noted above. The penalties may be waived if the noncompliance was due to reasonable cause.
In addition, ERISA provides for criminal penalties for willful violations of its reporting requirements. The DFVC program was created by the DOL to encourage employee benefit plan administrators to voluntarily file overdue annual reports and pay reduced civil penalties.
Plan administrators are eligible to use the DFVC program only if they make the required filings prior to being notified in writing by the DOL of a failure to file a timely annual report. Late filers of the Form series qualify for penalty relief from the IRS if they complete the following steps:. This Compliance Bulletin is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice.
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