Rev. Rul. 84-54

1984-1 C.B. 260, 1984-15 I.R.B. 35.

                       Internal Revenue Service
                                 Revenue Ruling

           PENALTIES; FAILURE TO FILE SCHEDULES B AND SSA (FORM 5500)

                            Published: April 9, 1984

Section 6652. - -Failure to File Certain Information Returns, Registration Statements, etc., 26 CFR 301.6652-3:  Failure to file information with respect to employee retirement benefit plan.

(Also Sections 6057, 6058, 6059, 6692;  301.6057.1, 301.6058-1, 301.6059-1, 301.6692-1.)

Section 6692. - -Failure in File Actuarial Report, 26 CFR 301.6692-1: Failure to file actuarial report.

  Whether failure to file an actuarial report results in penalty assessment under both sections 6692 and 6652(f) of the Code.  See Rev. Rul. 84-54, page 35.

  Penalties; failure to file Schedules B and SSA (Form 5500). The penalties for failure to file Schedule B (Form 5500), Actuarial Information, and Schedule SSA (Form 5500), Registration Statement Identifying Separated Participants with Deferred Vested Benefits, are imposed by sections 6692 and 6652(e)(1) of the Code respectively.  Penalties imposed by section 6652(f) do not apply to the failure to file these schedules.

ISSUES

  (1) Does section 6652(f) of the Internal Revenue Code impose a penalty for failure to file Schedule B (Form 5500), Actuarial Information?

  (2) Does section 6652(f) of the Code impose a penalty for failure to file Schedule SSA (Form 5500), Registration Statement Identifying Separated Participants with Deferred Vested Benefits?

FACTS

  A plan administrator for a defined benefit plan timely filed an Annual Return/Report of Employee Benefit Plan (Form 5500 series) for the plan year ending December 31, 1980.  However, the administrator did not file a Schedule SSA or a Schedule B, both of which were required to be filed for that year.

LAW AND ANALYSIS

  Section 6058(a) of the Code requires that every employer who maintains any pension, annuity, stock bonus, profit-sharing, or other funded plan of deferred compensation, or plan administrator, file a return.  An Annual Return/Report of Employee Benefit Plan (Form 5500 series) is used for this purpose.

  Section 6652(f) of the Code imposes a penalty on the employer or plan administrator for failure to file a return required under section 6058 unless such failure is due to reasonable cause.

  Section 301.6058-1(a)(3) of the Regulations on Procedure and Administration provides that the information required to be furnished on forms prescribed by section 6058(a) of the Code shall include information required by applicable accompanying schedules. (Emphasis added.)

  Section 6059(a) of the Code requires the plan administrator of each defined benefit plan to which section 412 applies to file an actuarial report described in section 6059(b).  Section 301.6059-1(a) of the regulations identifies such actuarial report as Schedule B of Form 5500.

  Section 6692 of the Code imposes a penalty on the plan administrator for failure to timely file the actuarial report required by section 6059 unless such failure is due to reasonable cause.

  Section 6057(a)(1) of the Code provides that the plan administrator of certain plans must file with the Internal Revenue Service a registration statement concerning certain participants who separated from service covered by the plan.  Section 301.6057-1(a)(4) of the regulations identifies such registration statement as Schedule SSA of Form 5500.

  Section 6652(e)(1) of the Code imposes a penalty on the person failing to timely file the registration statement required under section 6057(a) unless it is shown that such failure is due to reasonable cause.

  Schedule B is required to be filed by the specific provisions of section 6059(a) of the Code and Schedule SSA is required to be filed by the specific provisions of section 6057.  In addition, separate penalties for failure to file these forms are imposed under sections 6692 and 6652(e)(1), respectively. Thus, because there are separate statutory requirements and penalty provisions relating specifically to the filing of Schedule B and SSA of the Form 5500 series, neither schedule is considered an applicable

accompanying schedule to Form 5500 within the meaning of section 301.6058-1(a)(3) of the regulations, and failure to file either schedule will not result in imposition of the penalty under section 6652(f).

HOLDINGS

  (1) Penalties for failure to file Schedule B are imposed only by section 6692 of the Code, not by section 6652(f).

  (2) Penalties for failure to file Schedule SSA are imposed only by section 6652(e)(1) of the Code, not by section 6652(f).

  Disclosure of information to grand juries by return preparers. See T.D. 7948, page 34.

Rev. Rul. 84-54, 1984-1 C.B. 260, 1984-15 I.R.B. 35.