SEPs: A powerful retroactive tax planning tool

By Teushcer Walpole | September 20, 2017 | Comments Off on SEPs: A powerful retroactive tax planning tool

  Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why? Unlike other types of retirement plans, a SEP is easy to establish and a powerful retroactive tax planning tool: The deadline for setting up a SEP…

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Take small-business tax credits where credits are due

By Teushcer Walpole | September 20, 2017 | Comments Off on Take small-business tax credits where credits are due

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. 1. Small-business health care credit The Affordable Care Act (ACA) offers a credit to certain small employers that provide employees with health…

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Use qualified auditors for your employee benefit plans

By Teushcer Walpole | September 20, 2017 | Comments Off on Use qualified auditors for your employee benefit plans

  Employee benefit plans with 100 or more participants must generally provide an audit report when filing IRS Form 5500 each year. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits. Select a qualified auditor ERISA guidelines require employee benefit plan auditors to be licensed or certified public accountants.…

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