Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

IRS Forgiveness for Late Filing

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

IRS Forgiveness for Late Filing

Article excerpt

The Internal Revenue Service is launching a pilot program in which small businesses can avoid penalties for late or non-filing of retirement plan information.

Employers who offer retirement benefits almost always must file an annual return with the IRS reporting information about the retirement plan. SIMPLE Individual Retirement Accounts (IRAs) are the only type of plan for which employers do not have to file a return.

Many small businesses are unaware of the reporting requirements, however, and may have not filed their reports for several years. The IRS can fine small businesses up to $15,000 per delinquent return.

The new one-year IRS pilot program will allow certain small businesses to file their information for past years with no filing fees and no penalties. Businesses that must file reports for multiple years can file all of their delinquent reports at the same time.

To take advantage of the program, small businesses must clearly mark their returns as delinquent documents for processing under the pilot program. …

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