EA Exam Prep Part 2: Business Retirement Plans (Currently Unavailable)
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law for CTEC |
This is the seventeenth class of the EA Exam Prep Part 2 series. Join TaxMama® for an in-depth discussion about retirement plans. Start with the basics, such as the types of plans, who may contribute, etc. Move into the details of the various plans, such as 401(k), SEP (Simplified Employee Pension), SIMPLE (Savings Incentive Match Plan for Employees), and more. Learn the difference between qualified and non-qualified plans. Find out filing requirements, restrictions, and other limitations. Discover what happens when excess contributions are made. Define prohibited transactions. This course also discusses options for self-employed individuals.
Publication Date: August 2019
Topics Covered
- Employer and employee contributions
- Requirements for retirement plans
- Retirement plan setup
- Eligibility
- Disqualified person
- Key concepts
- Contribution limits
- Reporting requirements
- Plans for self-employed persons
- Prohibited transactions
- Qualified plans
- Non-qualified plans
- Highly compensated employees
- Non-discrimination rules
- Other key retirement plan rules for 2018
- Compensation for employees
- Compensation for self-employed persons
- Payroll deduction IRA
- SEP (Simplified Employee Pension)
- SIMPLE (Savings Incentive Match Plan for Employees) IRA
- Profit sharing
- Safe Harbor 401(k)
- Automatic enrollment 401(k)
- Traditional 401(k)
- Defined benefit plans
- References for retirement plans
- Salary deferrals
- Common law employees
- Leased employees
- Form 8881, Credit for small employer pension plan startup costs
- Rollover distributions
- Borrowing from a retirement plan
- Selecting the right plan
- Funding deadlines
- Retirement plan issues
- Uniform distributions
- Excess contributions
- Plan vehicles
- Vesting
Learning Objectives
- Identify concepts of retirement plans
- Identify eligible participants of retirement plans
- Recognize how to complete Form 8881, Credit for small employer pension plan startup costs
- Differentiate between qualified and non-qualified plans
- Identify the rules for contributions to plans
- Identify the details of various plans, such as 401(k), SEP (Simplified Employee Pension), SIMPLE (Savings Incentive Match Plan for Employees)
- Identify filing requirements for retirement plans
- Identify how to deal with excess contributions
- Identify prohibited transactions
- Recognize when it is permissible to borrow from a plan
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
