Event Description

Clients often ask their tax advisors whether they have the “best” pension plan and whether they are using it to its maximum advantage. This program explains how various pension plans work and analyzes why a small or medium-sized business owner would choose one plan over another.

Designed For

Any tax practitioner who will advise a business owner about selecting a pension plan for his or her business

Objectives

Understand the advantages and disadvantages of the major pension-planning options for small- and medium-sized business owners Help clients evaluate pension plan options and select the best pension-planning option for them for 2023 and beyond, based on changes made in the SECURE Act 2.0

Major Subjects

Factors business owners should take into account when choosing a retirement plan SIMPLE plans Simplified employee pension plans 401(k) plans Defined benefit plans Ensuring eligible employees are covered Employees’s impact on choice of plan Ongoing compliance requirements Establishing a plan after the tax year end Changes to safe harbor 401(k) plans Pooled employer plans

Prerequisites

Basic individual income taxation rules

Instructions

None