The Internal Revenue Services (IRS) issued penalty relief for small businesses with “one-participant” plans to file late without penalty…if you qualify for the relief. The IRS Pilot Penalty Relief Program may be viewed in its entirety at the IRS website
The program is designed to help businesses become compliant with Employee Retirement Income Security Act of 1974 (ERISA) without paying penalties applicable under 6652(e) and 6692 of the Internal Revenue Code. The penalty for not timely filing a retirement plan return is $25 each day, up to $15,000 per return.
The penalty relief is for returns that are filed by June 2, 2015. Additional guidance may be found at the IRS website