Retirement Plans for Small Business

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On Demand | CEU Approved

  • 90 minutes

Employer provided retirement plans offer employees retirement savings and benefits beyond the basic benefits provided by Social Security. Retirement savings opportunities are an important part of an employer’s compensation package and serve to attract and retain workers. However, establishing and maintaining a qualified retirement plan may be challenging for many small businesses. And frequently the owners of small businesses cannot justify the costs and regulatory requirements involved in establishing a traditional defined benefit or defined contribution plan for a business with relatively small workforce or where the owner is the only employee.

This program will discuss the various retirement plans that are available to small businesses under the tax code. These plans are designed specifically to allow small businesses to offer tax favored methods for the owners and employees to save for retirement and to be simple to set up and maintain. The presentation will cover the characteristics and limitations of the various plans and the advantages and disadvantages of each. 

Session Highlights:

  • Describe the requirements for establishing and maintaining a SEP or a SIMPLE plan
  • State the contribution limits for small business retirement plans
  • Locate IRS resources related to small business retirement plans
  • Identify tax credits that may be available to the business
  • Locate IRS resources that assist in identification and correction of plan problems
  • Retirement Plan Basics
  • Simplified Employee Pension (SEP)
  • SIMPLE IRA Plans
  • Qualified Plans - 401(k), 403(b)
  • Incentives - Tax Credits
  • Correcting Problems
  • Compliance Checklists

Why You Should Attend: 

There are several retirement plans that are specifically designed to allow small businesses to provide for retirement savings for their employees and owners. These plans are relatively simple to establish and maintain, but the rules must be followed so that the plans work as intended.

Small business owners rely on their advisors to help them with decisions about whether to establish a retirement plan and what type of plan is best for their situation. This webinar will provide practitioners with the information needed to assist business owners in determining which plan option best meets their business needs. 

Who Should Attend?

  • Owners and benefits administrators of small businesses
  • Business advisors and coaches
  • Accountants
  • CPAs
  • Enrolled Agents
  • Enrolled Retirement Plan Agents
  • Financial planners
  • Tax practitioners
  • Financial planners

*You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.

Patrick  Haggerty

Patrick Haggerty

Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

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