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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1561
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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I have a question about filing late Ez 5500's, I did not

Customer Question

hi
JA: Hello. How can we be of help?
Customer: I have a question about filing late Ez 5500's
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I did not file from 2013 to this year - not knowing that the ez 5500 had to be filed when my Individual 401k broke the 250,000 threshold. I see there is a penalty relief program that would limit my penalty to $1500. Can I get the $1500 waived?
JA: Is there anything else important you think the Accountant should know?
Customer: I am not including my simple IRA in the calculation of my balance. I have used turbotax for the last 10 years with the expectation that all the tax issues would be addressed. When I looked into turbotax regarding the ez-5500 the response was that it is not supported by turbo tax. I have no employees. I will be filing my 2016 ez-5500 in timely manner as a first time filer of the form.
Submitted: 2 months ago.
Category: Tax
Expert:  Arthur Rubin replied 2 months ago.

Thank you for using JustAnswer.

You can request a waiver of penalty for "reasonable cause"; but there is no way to predict what the IRS will consider "reasonable cause", and if denied, you will be ineligible for the penalty relief program.

I would advise paying the $1500.