The Internal Revenue Service has created a new Web-based tool to help small business owners determine which tax-favored pension plan best suits their needs and how to keep their plans in compliance.
The IRS Retirement Plan Navigator is intended to provide employers with an easy-to-use guide that focuses on three areas: choosing a plan, maintaining a plan and correcting a plan. By using the navigator, employers may find that choosing and maintaining a pension plan is not as daunting as they thought. Some plan types are less costly and easier to establish than others.
The navigator does not suggest which plan may be best for a specific employer but it does lay out the options to allow them to choose one that best fits their situations. The navigator includes a side-by-side comparison of pension plans and their requirements. The Web-based guide will be kept up to date as pension laws and regulations change.
The navigator provides a checklist and suggested resources for maintaining compliance. Pension laws change frequently. Employers can minimize problems by doing a once-a-year review to ensure they maintain compliance.
The IRS also recognizes that mistakes can be made unintentionally, and many errors can be corrected without notifying the agency. The navigator offers suggested options to employers seeking to correct errors and bring their plans back into compliance.
Although the Retirement Plan Navigator is aimed at small business owners, it also can help mid-size businesses review their options as well. Individuals who want to better understand their employerÃs plan may also find it of use.
For more information or other free professional assistance, please call (936) 294-3737 to set up an appointment with one of our counselors who will be happy to assist you with your business needs.
Business
November 5, 2009
IRS and small business retirement plans
- Business
-
- Buying an existing business requires caution
- How to spruce up your skills and ready your finances after 50
-
Government markets can be very profitable
Small business owners often make the mistake of overlooking state and federal government agencies as a potential market for their product or service. The old saying "the best client to sell to is your current client" is very true, but with the competitive environment that most business people are operating in today, no possibility of a sale should be overlooked, especially since most government organizations buy everything from automobiles to zippers.
- Samsung, Panasonic to start selling 3-D TVs
- Billboards effective tool for advertising
- Jobless claims figures raise hopes for recovery
- Keep an eye out for estate tax policy
- New ketchup packet allows for dunking or squeezing
- Center provides free assistance to businesses
- Basic bookkeeping: Quick Books classes offered at SBDC
- More Business Headlines
Gerard Butler: the Good, the Bad and the Cannes
At Least 25 Dead in India Train Collision
Raw Video: Private Rocket Blasts Off
Boy to Rescuers: 'Do You Have a Plan?'
Doctors and Devotees Debate Barefoot Running
Blacks Seek to Find Their Own Missing
Houston Museum Unveils $85 Million Dinosaur Hall
Chicago Police: 90 Arrested in NATO Protests
Ex-Rutgers Student Gets 30 Days in Webcam Case
Obama Sees Inspiration in Joplin Graduates
Raw Video: Man Saved After Niagara Falls Plunge
NATO: Afghan Exit 'Irreversible'
Catholic Groups Sue Over Contraception Mandate
4 Arrested After Man's Beating at Dodger Stadium
Investors Slap Facebook 11 Percent Lower
Raw Video: Dramatic 270-Foot Waterfall Rescue
Fingers Do the Fighting at Wrestling Tourney
