5500 Penalty Reduced Significantly

The Problem:
A client had not filed their Form 5500s for many years and could have potentially incurred a large penalty. The max penalty was $2,233 per day in 2021, and they had not filed for 5 years making the penalty about $4 million.

Our Solution:

After our client service team dug in and researched and calculated costs, they were able to find a way to reduce the penalty to $4,000.

Exceptional Results:

We were able to help save the client millions of dollars in penalty costs that they otherwise would have owed to the government.