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The Wagner Law Group Description 

The Wagner Law Group, A Professional Corporation, is a nationally recognized ERISA & employee benefits, estate planning, employment, labor & human resources practice. 

 

Established in 1996, The Wagner Law Group has 22 attorneys engaged exclusively in employee benefits, estate planning and employment law. Five of our attorneys are AV rated by Martindale-Hubbell as having very high to preeminent legal abilities and ethical standards. The firm is among the largest ERISA boutiques in the country. Our practice is national in scope, with clients in more than 40 states and several foreign countries.

 

 

Contact Info

The Wagner Law Group

 

  Integrity | Excellence

  

Massachusetts Office 

Tel: (617) 357-5200 

Fax: (617) 357-5250 

99 Summer Street 

13th Floor

Boston, MA 02110


Florida Office 

Tel: (561) 293-3590
Fax: (561) 293-3591
7108 Fairway Drive
Suite 125
Palm Beach Gardens, FL 33418

   

San Francisco Office

Tel: (415) 625-0002

Fax: (415) 829-4385

315 Montgomery Street

Suite 902

San Francisco, CA 94104

 

www.wagnerlawgroup.com

 

 

February 21, 2013 

 State and Federal Law Alert

 

DOL Updates Delinquent Filer Voluntary Compliance Program

 

The DOL has issued a notice providing technical updates to its Delinquent Filer Voluntary Compliance ("DFVC") Program.

 

ERISA requires most employee benefit plans to file a Form 5500 annually. Plan administrators may be liable for significant monetary penalties for failure to file timely and complete Forms 5500. The DFVC Program encourages plan administrators to file for overdue or incomplete Forms 5500 by offering reduced penalties. In general, plan administrators are eligible for relief under the DFVC Program if they comply with the Program's requirements before receiving written notice from the DOL of the Form 5500 filing failure.

 

The recent notice incorporates changes to the DFVC Program since it was last updated in 2002, including the following: 

  • All Forms 5500 filed under the DFVC Program must now be filed electronically, using the ERISA Filing Acceptance System ("EFAST2"). The DOL has also created an electronic online payment option and payment calculator to help filers determine applicable penalty amounts.
  • Filers generally must use the Form 5500 and schedules for the appropriate plan year when filing under the DFVC Program. However, if the delinquent filing is for a plan year that is more than three years prior to the most recent forms available in EFAST2, the filing must be completed using the current year's Form 5500 and schedules. To help filers determine which forms to use when filing for past years, the DOL has created a Form 5500 Version Selection Tool, which is available at: www.dol.gov/ebsa/5500selectorinstructions.html.
  • Schedule SSA and IRS Form 8955-SSA cannot be submitted through EFAST2. Instead, plan administrators must file these documents directly with the IRS.
  • While the DFVC Program does not directly provide relief from late filing penalties under the Internal Revenue Code, the IRS is expected to issue guidance that will provide relief from penalties under the Code for delinquent Form 5500 filings if plan administrators satisfy the DFVC Program requirements. In addition, the Pension Benefit Guarantee Corporation has agreed to provide certain penalty relief for delinquent Form 5500 filings if the conditions of the DFVC Program are met. 

The DFVC Program will no longer be formally amended through Federal Register notices for non-substantive, technical changes (e.g., deleting references to obsolete addresses for remitting penalty payments). Instead, the DFVC Program's website (www.dol.gov/ebsa) will be used for announcing non-substantive technical adjustments to the Program.

 

This Newsletter is protected by copyright. Material appearing herein may be reproduced with appropriate credit.

  

Pursuant to Internal Revenue Service Circular 230, we hereby inform you that any advice set forth herein with respect to US federal tax issues is not intended or written by The Wagner Law Group to be used and cannot be used, by you or any taxpayer, for the purpose of avoiding penalties that may be imposed on you or any other person under the Internal Revenue Code.

 

This Newsletter is provided for information purposes by The Wagner Law Group to clients and others who may be interested in the subject matter, and may not be relied upon as specific legal advice.  This material is not to be construed as legal advice or legal opinions on specific facts. Under the Rules of the Supreme Judicial Court of Massachusetts, this material may be considered advertising.