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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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
