Retirement Plan DeadlinesTarget Audience: Business Owners, Retirement Plan Operators, Simplified Employee Plan (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) Plan Administrators. source: 2008 Thomson Reuters/PPC Thomson Reuters/PPC released the IRS reminder that small business owners thinking about setting up a retirement plan may have upcoming deadlines. Existing employers are required to establish a Savings Incentive Match Plan for Employees (SIMPLE) plan by 10/1/08 (in order to make 2008 contributions). The editor's note specifies that new employers may create a SIMPLE plan as soon as they are administratively feasible after starting business operations. Business owners may establish a Simplified Employee Plan (SEP) by the due date (including extensions) of the return for the tax year in question. Additionally the self-employed may create and fund a SEP by 10/15/08 as well as claim a deduction on their 2007 tax return if the tax return was properly extended to that date. Find out how our expertise in Tax Services can add value to your business. Email us or call us at 1 (888) 875-9770.
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