Small Business Retirement Plans: Picking the Right Plan for Your Client

Overview

Small businesses have many retirement plan options. The selection of the best plan helps our clients minimize taxes and secure a more comfortable retirement. We’ll cover how to navigate through the options and pick the best retirement plan for each client. We’ll have a discussion of relevant SECURE Act 2.0 developments including Roth SIMPLE and SEP IRA provisions which are effective now.

Highlights

• Which clients are best suited for each of the following plans: SEP-IRA’s
• Which clients are best suited for each of the following plans: SIMPLE IRA’s, 401(k)’s, Traditional and Roth IRA’s, Defined benefit plans.
• How will SEP Roth and SIMPLE Roth contributions work under the SECURE Act 2.0?
• What are the payroll tax consequences of choosing each type of plan.
• Which plans provide the greatest flexibility?
• Which plan can provide the quickest accumulation of retirement savings?

Prerequisites

Some knowledge in Retirement Plans

Designed For

CPAS and tax practitioners.

Objectives

Identify the best type of retirement plan for small business owners, based on the underlying facts.
Identify the payroll ramifications of different retirement plants.
Compute the maximum available deduction for each type of plan.