News Bulletin: Government Hunting Down Late Form 5500 Filers

The federal Department of Labor and the Internal Revenue Service have announced that they’re tracking down delinquent filers of Form 5500, which is required to be filed annually for benefit plans. And in December 2002, the agencies plan to begin sending out letters of inquiry to delinquent filers. Penalties for late filing can be steep, although reduced penalties are available for employers that participate in the PWBA’s Delinquent Filer Voluntary Correction Plan (DFVC). But keep in mind that once the government notifies you of a late filing, you¹re no longer eligible for the DFVC program. For information on the DFVC program.