What is a DOL warning?
The DOL has identified a list of situations in which it will consider a 5500 filing received but the preparer should review the question subject to the warning to determine if the preparer completed the question properly or whether the answered question may require additional action. For example, if a preparer files a 5500 late, the 5500 may receive a “filing received” status but the DOL may issue a warning that indicates the plan sponsor will be subject to late filing penalties unless the preparer corrects the late filing under the Delinquent Filer Voluntary Compliance program. Is it possible that a preparer will receive no message with respect to a filing? Yes. In circumstances where the transmission is interrupted, the DOL will not have received the filing so there will be no message on IFAS. In such a situation, the preparer needs to re-transmit. Once a 5500 has been transmitted, will DOL assign any code to a filing? Yes, if DOL determines the filing is processable, IFAS will assig
