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SEP & SIMPLE IRA Retirement Plans — Know & Avoid These Common Errors

Posted by Jennifer C. Plail CPA

Jun 23, 2016 11:00:00 AM

The IRS recently identified a number of common errors seen in two of the most popular retirement plans used by small businesses — the SEP plan and the SIMPLE IRA plan.

General Rules for SEPs

With a SEP (Simplified Employee Pension) plan, employers establish individual retirement accounts (IRAs) for each eligible employee. Contributions are made only by the employer (except in the case of SARSEP plans in place on December 31, 1996). The employer has discretion as to whether to make annual contributions.

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Topics: sep, simplified employee pension, retirement plan, simple ira

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