Description

A challenge for many small business owners is choosing the ‘right’ type of retirement plan for their businesses. Many hesitate to adopt retirement plans for their businesses because they are intimidated by the governing rules. In those cases, SEP and SIMPLE IRAs are reasonable solutions because they are easy to establish, maintain, and communicate with employees; have minimal administrative costs; and are practical and efficient ways to start a retirement plan. These IRA-based plans – SEP IRAs and SIMPLE IRAs – have low maintenance costs and are easy to communicate to employees.

With IRA-based employer plans, employer contributions are sometimes discretionary, giving business owners the choice of whether to fund every year. Despite the simplicity of these plans, employers must ensure that applicable compliance requirements are met to avoid penalties. To that end, this course will cover some key provisions of SEP and SIMPLE IRAs.

Instructor: Denise Appleby, MJ, APA, CISP, CRPS, CRC

Target Audience

All practitioners advising clients on these complex issues

Course Objectives

Help small business owners understand why they need to adopt retirement plans for themselves and their employees

Identify critical features and benefits of SEP IRAs and SIMPLE IRAs

Determine which employees must be covered under SEP IRAs and SIMPLE IRAs

Determine the steps that businesses should take to establish SEP IRAs and SIMPLE IRAs, and

Explain the operational and administrative requirements for SEP IRAs and SIMPLE IRAs

Subjects

The new Roth SEP IRAs and Roth SIMPLE IRAs created under SECURE Act 2.0

Key factors for choosing a retirement plan for a small business

Key questions an advisor must ask a small business owner to help determine which retirement plan is suitable for their business

Key questions an advisor must ask a small business owner to help ensure compliance with applicable rules and regulations

How SEP and SIMPLE IRAs benefit the small business owner

How SEP and SIMPLE IRAs benefit employees of small businesses

The tax benefits that help to offset the cost of employer contributions

How to determine which business is eligible to adopt a SIMPLE IRA or SEP IRA

How to determine which employees must be covered