The IRS is also contacting some small businesses that have plans and that may be unaware of filing requirements. Plan administrators and sponsors who do not file an annual Form 5500 series return can face of up to $15,000 per return. Those who have already been assessed a penalty for late filings are not eligible.

This program is open only to retirement plans maintained by certain small businesses, such as those in an owner-spouse arrangement or eligible partnership. Multiple late retirement plan returns can be included in a single submission. For plans with returns delinquent for more than one plan year, penalty relief may be available for all returns.

Delinquent returns for more than one plan may be included in a single penalty relief request. There is no filing fee during the penalty.