Notice 2014-35, Rev. Proc. 2014-32 - Employee benefit plans and Form 5500; penalty relief and pilot program 

May 9:  The IRS today released two guidance items concerning Form 5500.

Notice 2014-35

Notice 2014-35 [PDF 33 KB] provides relief from late-filing penalties relating to the Form 5500 series with respect to employee benefit plans.


Under today’s notice, the IRS will not impose penalties relating to the filing of Form 5500, Form 5500-SF, and Form 8955-SSA or the filing of required actuarial reports with respect to a year for which filing of such a form is required on a person who:


  • Is eligible for and satisfies the requirements of the Labor Department’s Delinquent Filer Voluntary Compliance (DFVC) program with respect to a delinquent Form 5500 series return for the tax year
  • Files separately with the IRS, in the form and within the prescribed time (i.e., generally 30 calendar days after the filer completes the DFVC filing or December 1, 2014, if later), a Form 8955-SSA with any information required to be filed under section 6057 for the year to which the DFVC filing relates (to the extent that the information has not previously been provided to the IRS)

Thus, for example, Notice 2014-35 provides relief from the penalties applicable under the Code to the late filing of Forms 5500 and 5500-SF only if any applicable Form 8955-SSA is also filed for the year at issue. The late filer need not file a separate application for relief with the IRS.

Rev. Proc. 2014-32

Rev. Proc. 2014-32 [PDF 50 KB] establishes a one-year pilot program providing penalty relief to plan administrators who fail to timely file Form 5500 EZ.


Rev. Proc. 2014-32 offers relief from penalties imposed for late annual reporting by “one-participant plans” and certain foreign plans. The relief from penalties for a failure to timely comply with annual reporting requirements is available to filers who are eligible to participate under provisions of Rev. Proc. 2014-32 and who file returns and satisfy other requirements under today’s revenue procedure by no later than June 2, 2015.


Rev. Proc. 2014-21 provides that in lieu of the relief provided, filers may continue to file for the relief under the current “reasonable cause” standard.




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