Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Federal Tax/Tax Related Matters (IRS)
Seminar Level: Beginner
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (afsp) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.
DISCLAIMER: THIS SEMINAR WAS FILMED IN DENVER, COLORADO, ON JULY 30, 2015, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The IRS Tax Exempt and Government Entities Employee Plans division presented this seminar at the 2015 IRS Nationwide Tax Forum.
This seminar discusses how to properly adopt and operate SEP and SIMPLE IRA plans. These plans offer a simple way for businesses to help employees save for retirement. Hear what IRS is finding on audits of SEP and SIMPLE IRA plans and learn about: SEP and SIMPLE IRA saving options and limits; using the right compensation to calculate the correct contribution; determining when employees participate in the plan; handling employees of related employers; common errors found on SEP and SIMPLE IRA audits; steps to take each year to avoid these errors; and why errors should be corrected.
By the end of this presentation, you will be able to:
- Recognize SEP plan contribution and employer limitations
- Recall similarities and differences between SEP and SIMPLE IRA plan creation, participation, and operation
- Identify who can establish a SIMPLE IRA plan
- Distinguish between Audit Closing Agreement Program (Audit CAP), Voluntary Correction, and Self-Correction options
No prerequisites or advanced preparation are required for this seminar.