The IRS announced Thursday that it will start a one-year pilot program next month that will waive compliance penalties for some small business plan sponsors.
On its website, the IRS says that it "is reaching out to certain small businesses that maintain retirement plans and may have been unaware that they had a filing requirement."
In filing current and prior year forms during the pilot program, sponsors can avoid penalties, though it's important to note that those sponsors that have already been assessed a penalty are not eligible for the program.
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