I understand this Form 14704 entails covering form 5500EZ late filing, separate from the “IRA Expertise” area with the Slott Report……. My topic centers from annual filing of form 5500EZ for INDIVIDUAL 401 (k) PLANS for single owners who’s balance EXCEEDS $250,000.

REV. PROC 2015-32 now offers PERMANENT PENATLY RELIEF (section 5)

A plan that is 3 or more years DELINQUENT, this option allows one to pay a “PENALTY” basically capped at $1,500. (# or more year delinquent)

Yes plans 2 or 3 years late under $25 (or even $10) per day rack up to over $9,000 a year……….BUT PRIOR to this Proc 2015-32 (and the prior pilot program 2014-32) was there any RELIEF FROM PENALTY UNDER REASONABLE CAUSE ?

Without a TPA supervising these INDIVIDUAL 401 (k)’s many sole proprietors do NOT know they are out of compliance. Does anyone have experience, successfully bringing plans back into compliance before 2015-32 & 2014-32?