IRS Form 5500 Penalties

At our law firm, we specialize in assisting clients who have encountered late-filing penalties associated with IRS Form 5500. The Form 5500 is a critical document for employee benefit plans that must be filed annually with the IRS. Failing to file this form on time can lead to substantial penalties, which can be both financial and reputational. To address these penalties, we begin by assessing your specific circumstances, including the reasons for the late filing and any previous compliance history. Our team will then recommend corrective actions, which may involve filing the form retroactively or applying for penalty relief. We can also communicate with the IRS on your behalf to negotiate reduced penalties or to set up a payment plan if necessary. Our goal is to help you achieve compliance and minimize the financial impact of late filings.