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SEP IRA and SIMPLE IRA arrangements have different eligibility, funding and administration requirements. A plan that works for an owner-only business may create different obligations when employees are eligible.
Review who can contribute, how contributions are calculated, and what the employer must provide. Contribution limits and deadlines can change; use the rules for the tax year in question.
Think about staffing changes, income variability and the time available for administration. Moving between plan types requires advance review of applicable notice and transition rules.
Our inquiry helps identify the retirement questions you want to discuss. Confirm plan selection, eligibility, funding and tax treatment with a qualified plan provider and tax professional.
Review who must be included.
Understand employer obligations.
Confirm current deadlines and transition rules.
Employee eligibility and employer contribution obligations must be reviewed before adopting a SEP. A qualified provider can assess how the rules apply to your employee and owner situation.
Confirm the establishment and funding deadlines for the relevant tax year with the plan provider and a tax professional. Filing extensions and other circumstances may affect the answer.
A transition may be possible, but timing, notice and replacement-plan rules apply. Review the intended transition with the current administrator and the new provider before acting.
Share your business structure, staffing and planning questions.