What are the deadlines and possible penalties for late filing of IRS Form 5500?
The Department of Labor and the Internal Revenue Service regulate the filing schedule and penalties associated with Form 5500. Form 5500 and all required attachments (schedules and audit, as applicable) are due to be filed no later than the end of the seventh month following the end of the plan year (for example, July 31 for a calendar plan year) if you did not apply for an extension. If circumstances require, you may file for an extension, but you must do so before the seven-month deadline. An extension is automatically granted if it is received on time. The extension provides an additional two-and-a-half months for submission of the forms. The DOL penalty for late filing without an extension can be up to $1,100 per day. If you have not filed Form 5500 on time, we suggest you contact an ERISA attorney to see if you are eligible to correct the oversight through the DOL’s delinquent filer program. If you are eligible, it would dramatically reduce any potential penalties.
