Employers that file Form 5500 late may face two sets of penalties – one from the IRS and another from the DOL. IRS penalties for late filing without an approved extension are $250 per day, up to a maximum of $150,000. DOL penalties assessed in 2022 can reach $2,400 per day, with no maximum limit. However, late fees can be reduced through the Delinquent Filer Voluntary Compliance Program (DFVCP).