If you answered no, you may want to consider the benefits to you and your employees a retirement plan can offer. A few of these benefits are a tax deduction for your contributions, the assets grow tax-free with compounding interest, and it is another benefit you can offer to attract and retain better employees. It’s important to find the right plan for you business. To get started the IRS has a publication “Choosing the Right Retirement Solution” (found at http://www.irs.gov/pub/irs-pdf/p3998.pdf), which will get you acquainted with the types of plans available. We are available to assist you in understanding the different plans and working with your benefit professional to decide which plan is right for you and your business.
If you answered yes, has your plan had an annual check-up? The IRS offers a 10 question checklist, specific to your retirement plan, to help you access if you are meeting the basic requirements in operating your business’s retirement plan. This checklist is a good starting point to review your retirement plan and to share with your benefits professional to verify that your plan is healthy.
The sooner you can identify issues in your retirement plan the quicker you can resolve these items and avoid problems.
An electronic version of each checklist with expanded explanations for each question can be found on the IRS.gov website, at http://www.irs.gov/retirement/sponsor/article/0,,id=136471,00.html, along with other tips for keeping your Retirement Plan in good running order. Please give us a call if you would like to discuss retirement plan options for your business.
About Blackman & Sloop CPAs, P.A.:
Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com
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