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.
Publication Date: August 2021
Topics Covered
- The Big Picture
- Elective Deferrals
- Payroll Taxes Contributions
- Compensation: Self-Employed Computation
- Reasonable Compensation and Retirement Plans
- SEP
- SIMPLE Plans
- 401(k): Designated Roth Accounts
- In"Plan Conversions
- Defined Benefit Plans
- Terminating Plans
- Businesses under Common Control
- Effect on Traditional and Roth IRA Contributions
- Picking the Right Plan: Case Studies
Learning Objectives
- Identify the best type of retirement plan for small business owners, based on the underlying facts
- Identify the payroll ramifications of different retirement plans
- Recognize how to compute the maximum available deduction for each type of plan
- Identify the next step in choosing a plan, once you have considered the possible funding levels
- Recognize the amount of compensation elective deferrals can be up to
- Identify which contributions for owners of an S Corp are subject to payroll taxes
- Identify the current 401(k) elective deferral for someone at least 50 by year end
- Recognize which types of plans requires actuarial computations and an annual filing of Form 5500
- Identify which plan allows for the easiest termination option
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.