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That late 5500 will cost you more under the SECURE Act

One of the provisions of the SECURE Act increased the Internal Revenue Service’s (IRS’) penalties on late 5500s. Under the SECURE Act, late filers that miss their late-filing deadline will face a daily penalty of $250 versus the $25-per-day penalty in effect before January 1, 2020. Likewise, the maximum penalty has increased ten-fold, from $15,000 to $150,000. That doesn’t even include the Department of Labor’s (DOL’s) penalties, which is well over $2,000 per day.

 

So if you have a late 5500, consider a filing with the DOL’s delinquent filer voluntary compliance program to save thousands and thousands of dollars.

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