Surgent's Features and Benefits of SEP IRAs and SIMPLE IRAs
2.00 Credits
Member Price $99
Non-Member Price $119
Overview
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.
Highlights
- 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
Prerequisites
None
Designed For
All practitioners advising clients on these complex issues
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
Preparation
None
Leader(s):
Leader Bios
Deborah Phillips, Discussion Leader, Surgent McCoy CPE, LLC
Deborah A. Phillips, MST, CPA, is a Senior Manager in the Flow Through Issue Practice Group (IPG) in Pre-filing Technical Guidance (PFTG) in the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS). This IPG specializes in S corporation and partnership tax issues in LB&I.
Ms. Phillips began her career with the IRS more than 31 years ago and has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations Executive Assistant to the Deputy Commission International, the Technical Executive Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a respected instructor within the IRS.
Ms. Phillips earned her master’s degree in taxation from Widener University.
Non-Member Price $119
Member Price $99