In honor of Small Business Week, which begins on May 4, the Internal Revenue Service is reminding small business owners that they have until June 2nd to file any required but past-due retirement-plan returns without incurring a penalty. The IRS launched the penalty relief program last June to help ease the burden for small businesses that did not know about the reporting requirements for retirement plans. The program is only open to small businesses that are required to file Form 5500 EZ for “one-participant” plans that cover the owner and spouse or, in a business partnership, covers the partners in the business. Certain foreign plans are also eligible for the program. Failure to file comes with a stiff penalty of up to $15,000 per return.

To learn more about the relief program, check out this IRS YouTube video.

Image Source: Nickolas Nikolic