Small Business Retirement Plans: Picking the Best Plan for Your Client (Currently Unavailable)

Author: Greg White

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