Barbara Weltman
Big Ideas for Small Business, Inc.
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Qualified retirement plans are subject to annual filing about assets, participants, etc. Both the IRS and DOL can impose penalties for late filing. DOL increased its late filing penalty, effective January 15, 2021, from $2,233 to $2,259. The IRS penalty of up to $250 per day (maximum penalty of $150,000) is unchanged. #IdeaoftheDay
BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.
