IRS Rev. Proc 2015-32: Penalty Relief Program

Late Annual Reporting for Non-Title I Retirement Plans (‘One-Participant Plans’ and Certain Foreign Plans)

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“This revenue procedure establishes a permanent program to provide administrative relief from the penalties imposed … for a failure to timely comply with the annual reporting requirements. Filers may not seek relief for reasonable cause as part of their submission under this program. The permanent program generally follows the requirements of the pilot program, but some changes have been made to reflect the comments received as well as to reflect the addition of a payment requirement.”