Instant Analysis: Big Increase in Penalties for Late Plan Returns, Notices

“There’s much good for retirement plans and those who work with them in the SECURE Act, but there are a couple of nuggets of “coal” in there as well.

One such provision that retirement plan advisors, administrators and sponsors should be mindful of is a significant increase in the penalties for late filing of retirement plan returns and related notices. These changes are set to take effect in less than two weeks, applying to returns, statements and required notices to be provided after Dec. 31, 2019. The provision is designed to help “offset” the underlying “cost” (to tax revenues) of the legislation – often referred to as “pay fors.””. Click here to continue reading.

Source: NAPA National Association of Plan Advisors