Intended to encourage small business employers to offer retirement coverage to their employees
Allows for self-employed business owners to contribute both as employee and employer
How can you establish a Simple IRA plan?
Simple IRA’s are offered by financial institutions that offer any IRA’s or 401(k) plans! You will be given a plan document such as Form 5305 or 5304.
Provide eligible employees with information regarding the Simple Ira
Set up Simple IRA for eligible employees – employee will own and control the Simple IRA
What is the deadline?
A Simple IRA can be established between January 1st and October 1st (if you didn’t previously have a Simple IRA)
New employers that came into existence after October 1st, you can establish a Simple IRA as soon as administratively feasible
About GJR Consulting
Our CPA firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.