The Internal Revenue Service has established a brand new Web-based tool to help small business owners figure out which tax-favored monthly pension matches their requirements and the way to keep their plans in compliance.
Making use of the navigator, employers could locate that choosing and sustaining a pension program is not as daunting as they thought. Some plan types are much less pricey and much less difficult to figure out than the others.
The IRS Retirement Plan Navigator really should provide employers an easy-to-use guide that focuses on three areas: selecting a plan, maintaining an agenda and correcting a strategy.
The Web-based guide will be keep up to date as pension legal guidelines change.
The navigator doesn’t suggest which plan might be excellent for a specific employer nevertheless it does lay out your options to allow them to choose a single plan that best fits their situations.
Although the Retirement Plan Navigator is aimed at smaller company owners, in addition, it will help mid-size businesses review their options also. People who wish to better understand their employer’s plan may also discover it has some use.
The navigator features a side-by-side comparison of pension plans in addition to their requirements. The navigator offers a checklist and suggested resources for maintaining compliance. Pension laws change frequently. Employers can minimize problems by doing a once-a-year review to make sure they maintain compliance.
The government also recognizes that mistakes could be created unintentionally and several errors could be corrected without notifying the agency. The navigator offers suggested alternatives to employers wanting to correct errors and convey their plans back into compliance.
With this understanding, it is important that any individual who’s interested in carrying out a review and also searching for any info about tax planning ought to visit our web site. We’re in a position to help explain in more detail numerous tax organizing and business techniques for you. Call us now and let our team help point you in the right direction for retirement and tax planning. You can visit our website or give the office a call to talk with a skilled tax planning business advisor and/or Enrolled Agents who will help or offer the tools you’ll need for tax planning.