Features and Benefits of SEP IRAs and SIMPLE IRAs FLEXCAST

Overview

Small business owners understand that they are the ones responsible for saving for their retirement. Unlike many employees who work for large corporations that provide retirement benefits, small business owners must provide those benefits for themselves. A primary means of doing so is to set up retirement savings plans for their businesses to cover themselves and their employees. However, many hesitate to start the process because they are intimidated by the governing rules. In those cases, starting with an IRA-based retirement plan is an easy, effective, and efficient way to start the process. These IRA-based plans - SEP IRAs and SIMPLE IRAs - are low cost maintenance, easy to communicate to employees, and flexible, providing the business owners with choice of whether to fund the plan from year to year.

Highlights

Key features for choosing a retirement plan for a small business. Key questions an advisor must ask a small business owner to help determine suitability for a retirement plan. Key questions an advisor must ask a small business owner to help ensure compliance with a SEP IRA or a SIMPLE IRA. 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 SEP or SIMPLE IRA. How to determine which employees must be covered.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Help small business owners understand why they need to adopt retirement plans for themselves and their employees. Identify key 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. Explain the operational and administrative requirements for SEP IRAs and SIMPLE IRAs.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.