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Oops! IRS sends out erroneous Form 5500 penalty notices

The erroneous penalty letters were sent because of a posting lag when businesses requested an extension to the filing of their 5500s.

By Dan Cook | Updated on November 11, 2013

A glitch in the way the Department of Labor and IRS allow Form 5500 filers to request extensions has resulted in penalties being erroneously assessed against businesses.

The erroneous penalty letters were sent because of a posting lag when businesses requested an extension to the filing of their 5500s. The IRS acknowledged the existence of the problem in a directive to IRS “phone assistors” and tax examiners. The phone assistors basically represent the IRS’s call-in complaint department.

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Dan Cook

Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.

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