IRS Plans to Develop Corrections Program for Form 5500-EZ Filers

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IRS is in the process of developing a voluntary corrections program for Form 5500-EZ filers that would cover partnerships and sole proprietorships, Seth Tievsky, a senior technical adviser to the director of Employee Plans Rulings and Agreements at IRS, says at a meeting of IRS officials and practitioners. The program will be similar to the Labor Department's Delinquent Filer Voluntary Compliance program. Because plans covering only the self-employed such as sole proprietors and partners are subject to IRS annual reporting requirements under the Internal Revenue Code but are not covered under the Employee Retirement Income Security Act, they are not eligible for DFVC for relief from nonreporting penalties, Tievsky says.