ACA Compliance Solution Services

The Form 5500, Annual Return/Report of Employee Benefit Plan to be filed with the Department of Labor (DOL), is used to know about the company’s employee benefit plans. The Form contains information such as the investments, financial conditions, operations, and conditions of the plan. Any administrator or sponsor of an employee benefit plan who fails to inform the DOL about each benefit plan every year before the due date will be liable to pay a penalty imposed by the DOL. Read on to know the DOL penalty for late filing Form 5500 and how ACA Compliance Solutions Services, Inc. can help you in preparing for all the ACA late filing services . The Maximum Penalty Currently, the DOL can impose a maximum penalty of $2,140 per day after the due date on which Form 5500 should have been filed (which is seven months after the finish of the plan year except if an application for extension is filed by that date). Initially, the penalty was only $1,100 per day, but it changed after July 2016. The