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Mary Beth’s Corner Did you know Plan Sponsors spend on average 40-60 hours, or over one week annually, submitting and updating payroll files? Manual data entry using spreadsheets or other rudimentary tools has been known to be one of the most strenuous problems for business owners. This method of payroll
Thanks to new regulations, for reporting purposes, the inclusion of eligible but non-participating employees will no longer be the methodology used when determining the number of participants– only participants and beneficiaries with account balances will be considered.
Employers may now consider retroactively adopting a tax-qualified retirement plan such as a profit sharing plan, cash balance plan, or traditional defined benefit plan, for the purpose of making tax deductible employer contributions before their extended corporate tax filing deadline.
Since employers contribute for slightly different reasons, those contribution due dates may vary depending on plan design. In other words, one set of rules may specify a deadline for compliance purposes, while another set of rules requires a different deadline for tax deduction purposes.
The House and Senate have passed the Consolidated Appropriations Act of 2023, which includes a grouping of retirement plan provisions better known as, “SECURE 2.0”.
On December 23, 2022, the bill was presented and signed into law by President Biden.
When asked why he robbed banks, a well renowned bank robber by the name of Willie Sutton answered, “because that’s where the money is.” Today, instead of robbing physical banks, thieves have sharpened their skills and honed in to “where the money is” – your retirement plan.
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