Outright failure to file Form 5500 potentially subjects a Plan Sponsor to civil penalties assessed by the Department of Labor and/or Internal Revenue Service. Non-filing and late filing penalties can range from $50-$300 per day, with limits imposed for non-filers ($30,000 per plan year). No limit is imposed for late filers. Late-filers pay per day penalties from the original filing due date to the date filed with the Department of Labor. The current maximum penalty for failure to file Form 5500 is $2,586 per day that the filing is late.