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Form 5500 - Schedule H Elizabeth New Jersey: What You Should Know

The maximum penalty for double or triple late reports for a large benefit plan (200 or more participants) is: 5,000 x the number of days that are more than 5,000 days from the date of the last quarterly information return; or 25,000 x the number of days that are more than 20,000 days from the date of the last monthly information return. —For single filers — (for large plan) The maximum penalty for a single late Form 5500 annual report is 4,000 for a large plan. The maximum penalty for double or triple late reports for a large benefit plan (200 or more participants) is:  5,000 x the number of days that are more than 5,000 days from the date of the last quarterly information return; or 25,000 x the number of days that are more than 20,000 days from the date of the last monthly information return. —For single filers — (for large plan)  Additional information For the Social Security Administration: For the Social Security Administration, the following is provided to assist you in complying with the penalties that must be reported by the 1st and 15th day at the end of the calendar year. The Social Security Administration will receive your Form 5500 no later than December 28 of the following year for reports filed during the year, and we will send you notice and instructions at that time. Reporting in the year for persons in group quarters: If you have a group quarters tax account, and it has a balance less than 12,000, or an aggregate balance of 12,000 and above in tax-exempt accounts with the Internal Revenue Service, you must file Form 8300-2 with the Internal Revenue Service by the 15th of the month following the 1st day of the fiscal year. There are three exceptions to this deadline: · If you file Form 8300-2 on or after December 28 that year, you are exempt from any penalty imposed on the 1st and 15th of the following calendar year. · If your earnings were reduced because of an underpayment of social security taxes, or if your earnings exceed the threshold amount for that year you must file Form 8300-2 as late as you may reasonably make it. The threshold amount is the amount of income below 10,000 and above 20,000. · If you are required to withhold social security taxes, you can file for a postponement based on noncompliance.

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