Your plan's audit won't be finished by the October 15 Form 5500 deadline. What now?

Last reviewed October 2026. General information about the rules, not legal or tax advice for a specific plan.

October 15 has not passed, but your plan’s audit will not be finished by then. You have three choices: file on time without the audit report, push to finish, or file a complete return late. Filing without the report looks safe and usually is not: the DOL can reject it, and an uncorrected rejection carries a penalty of up to $50,000. Filing late through the DOL’s voluntary program is capped at $2,000 for a large plan.

Already past October 15? Read what to do after missing the deadline instead.

Can I file Form 5500 on October 15 without the audit report?

You can submit it, but it does not count as a complete filing. EFAST2, the DOL’s filing system, accepts a large-plan Form 5500 with no independent auditor’s report attached. The DOL then treats it as deficient: the return is there, but a required part of it is missing.

Sponsors file this way hoping to stop the clock and attach the report later. It is the option most forum threads suggest, and it is the one this page exists to warn about.

What happens if the DOL rejects it?

You get 45 days to file a complete return, and that window cannot be extended. The sequence usually runs like this:

  1. An inquiry email from the DOL’s reporting compliance office, often within 30 to 45 days of the deadline.
  2. A Notice of Rejection. From the date of that letter you have 45 days to file a return with the audit report attached.
  3. A Notice of Intent to Assess a Penalty if you miss that window. The DOL’s enforcement manual sets the penalty for a missing auditor’s report at $150 a day, up to $50,000 per return.

Two things make this worse than it first looks. The 45 days only help if your audit is nearly finished, because a first audit rarely goes from start to signed report in that time. And once the DOL is pursuing the filing as deficient, DFVCP’s $2,000 cap is no longer there to fall back on. The DOL says a Notice of Intent to Assess a Penalty always disqualifies a plan from the program.

Is it cheaper to file late through DFVCP?

Usually, yes: the DOL’s Delinquent Filer Voluntary Compliance Program (DFVCP) charges $10 a day from the original July 31 due date, capped at $2,000 for a large-plan filing, but only if you file before the DOL contacts you in writing about it. How the penalty adds up month by month, and how to file and pay, is in our guide to a missed Form 5500 deadline and DFVCP.

When does finishing on time still work?

Only when your auditor is close to signing. If the fieldwork is done and the report is in review, ask your auditor directly whether it will be signed before October 15. If the answer is a firm yes, file the complete return on time. If it is “probably”, plan for DFVCP instead.

How long does a first 401(k) audit take?

40 to 60 hours of audit work, once every document is in hand. Most of the time between engaging an auditor and receiving the report is spent waiting for documents, not doing the audit. That is why the most useful thing you can do this week is gather them.

A first audit also covers ground a repeat audit does not, starting with the plan’s opening balances. What a first auditor actually looks at explains the difference.

What should I gather now?

Your auditor will ask for these first, whoever they are:

  • The plan document, adoption agreement and every amendment
  • Recordkeeper year-end reports and the full-year transaction detail
  • The recordkeeper's SOC 1 report
  • Payroll registers for the year
  • Dates each payroll's employee deferrals reached the plan
  • Last year's Form 5500, if one was filed
  • Any prior audit report and the auditor's contact details

Late on your Form 5500? Start here.

Ledgerline is building an audit firm that does one thing, the ERISA 401(k) and 403(b) plan audit, including first audits for plans filing late through DFVCP. We are booking engagements for December 2026. Tell us where your plan stands and we will reply within one business day with what we would need and when we could start.

Have you received a letter from the Department of Labor about this filing?
Is this the plan's first audit?
Did you file a Form 5558 extension?

We review your details and reply. We do not file Form 5500s or DFVCP submissions; your TPA or counsel handles the filing.

Frequently asked questions

Does EFAST2 accept a Form 5500 without the audit report?

Yes. The system accepts the submission, but the Department of Labor treats a large-plan filing without the independent auditor's report as deficient and can reject it.

How long do I have after a Notice of Rejection?

45 days from the date of the letter to file a complete return. The DOL does not extend that window.

What is the penalty for a missing audit report?

Under the DOL's enforcement manual, up to $150 a day, capped at $50,000 per annual report, if the deficiency is not corrected after a Notice of Rejection.

Can I use DFVCP after the DOL rejects my filing?

Generally not. DFVCP requires filing before the DOL notifies you in writing, and the DOL says a Notice of Intent to Assess a Penalty always disqualifies a plan.

Is there a second extension past October 15?

No. Form 5558 extends a calendar-year plan's deadline from July 31 to October 15, and there is no further extension.

How long does a first 401(k) audit take?

40 to 60 hours of audit work once all documents are available. The calendar time depends mostly on how quickly the documents arrive.

For questions about your own filing, talk to your TPA or ERISA counsel.

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