Retirement Plans for Small Businesses Self-Study

Summary

This course covers essential retirement plan information for tax preparers to help them advise clients on selecting the optimal retirement plan for their small businesses. It highlights the impact of SECURE 2.0 on these plans, addressing qualifications for expanded credits covering administrative costs and credits for employers initiating new plans. The session explores the pros and cons of tax-advantaged retirement options for small businesses, detailing employer obligations for funding and matching contributions in each plan. Popular options like self-employed pension plans (SEPs), savings inventive match plans for employees (SIMPLE) IRAs and 401(k) plans are reviewed, along with corresponding tax reporting.

Objectives

Upon completion of this course, you will be able to:

• Apply the provisions of SECURE 2.0 to small business retirement plans
• Identify the features of SEPs, SIMPLE IRAs and 401(k) plans
• Calculate the maximum contribution for various types of retirement plans
• Compute the deduction for various types of retirement plan contributions
• Identify the employer’s responsibility for maintaining and funding retirement plans
• Distinguish between the tax treatment of retirement plans for sole proprietors, partnerships and corporations

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.