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Self-StudySELECT STARTING AT $39

Downloadable PDF

Credits: 2

Qualifies For: IRS

$39
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Employee Contributions: SIMPLEs, SEPs, and 401(k) Plans (ECON)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

Small businesses face increasing demands for retirement benefits for rank-and-file employees as well as newly enhanced opportunities for their principals. Unfortunately, they do NOT have Fortune 500 budgets to design, implement, and administer their plans. With the level of income taxes affecting businesses and individuals, retirement plans offer unique opportunities for tax savings that clients should strive to maximize. Now more than ever, tax practitioners need to know how to communicate the following tax ideas effectively, and to provide ongoing tax planning services to the most important segment of their client base. This course is tailored to the needs of small businesses.

Major Topics:

  • Increasing benefits for participants and deductions for businesses
  • SIMPLE and 401(k) plans that provide added benefits
  • The §401(k) plan regulations
  • Roth 401(k) programs: an opportunity that must be considered
  • The deemed IRA
  • The solo 401(k): solution for the self-employed

Learning Objectives

  • Define a cash or deferred arrangement, the kinds of contributions that can be made to a CODA, and the limitations of contributions and distributions
  • Perform an ADP test with an employee census of compensations, participation, and elective deferral levels
  • Identify highly compensated employees
  • Distinguish alternative methods of nondiscrimination under safe harbor and SIMPLE designs
  • Discuss the methods of correcting excess contributions to a §401(k) plan
  • Describe why automatic contribution programs are used in a §401(k) plan
  • Explain the relationship between a SEP and an IRA
  • Discuss the requirements for a SEP
  • Describe the similarities between a SIMPLE and a §401(k) plan
  • State the administrative and notification requirements of a SIMPLE plan
  • Identify eligible employees and available elections in a SIMPLE plan
  • Discuss the tax consequences of a SIMPLE plan to the employer and the employee

Who should take this course:

Designed for:

CPAs in public accounting and industry who wish to explore the newest and best options for structuring small business pension plans

Prerequisite:

None

Advanced Preparation:

None

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