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New IRS program to give penalty relief to small business retirement plans

from Accounting Web

In June, the IRS will launch a one-year pilot program intended to help small businesses with retirement plans that owe penalties for unknowingly failing to file reporting documents. Small businesses that file current and prior-year forms during this pilot program can avoid penalties. The program is targeting certain small businesses that maintain retirement plans but may have been unaware of the filing requirement. more

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