Overview

SIMPLE, SEP, and SARSEP Answer Book, 2021 Edition, provides coverage of recent developments in simplified employee pension (SEP) plans and sav[1]ings incentive match plans for employees (SIMPLEs) and discusses various technical changes and clarifications reflecting the changes made by the Tax Reform Act of 1986, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Small Business Job Protection Act of 1996, the Tax[1]payer Relief Act of 1997, the Economic Growth and Tax Relief Reconciliation Act of 2001, the USA Patriot Act of 2001, the Job Creation and Worker Assis[1]tance Act of 2002, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the Working Families Tax Relief Act of 2004, the American Jobs Creation Act of 2004, the Pension Protection Act of 2006, the Heroes Earnings Assistance and Relief Tax Act of 2008, the Emergency Economic Stabilization Act of 2008, the Worker, Retiree, and Employer Recovery Act of 2008, the Small Business Jobs Act of 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the American Taxpayer Relief Act of 2012, Protecting Americans from Tax Hikes Act of 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the Fair Access to Investment Research Act of 2017, the Tax Cuts and Jobs Act of 2017, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Taxpayer Certainty and Disaster Tax Relief Act of 2020, and other legislations. Additional guidance, many new examples, and illustrations are provided to assist practitioners in complying with the new rules. Included in this book are several updated appendices that will also be of assistance to the practitioner. Among other things, sample forms, notifications, and notices are provided in Appendices A, B, C, and J. The 10-year income averaging rate for certain lump-sum distributions are provided in Appendix E. Appendix K contains guidance on appropriate codes to enter on Form 1099-R when reporting revocations of contributions and CIP failure to SEPs, SIMPLEs, and salary reduction SEPs (SARSEPs). Updated charts comparing various types of plans and plan features are provided in Appendices D, M, and N. COLA adjusted limits are provided in Appendix F; and an excess SEP/SARSEP contribution flow chart is provided in Appendix L. Appendix G reproduces illustrations of the many examples used in this book and Appendix R contains coronavirus related postponement of deadlines for 2020. Designing plans that best meet a specific company's unique requirements is a difficult task. SIMPLE, SEP, and SARSEP Answer Book offers practitioners in-depth understanding of such issues as establishing, maintaining, and terminating the plan; employer and employee eligibility; catch-up contributions; SEP integration with Social Security contributions; and the operation and administration of SIMPLEs and SEPs. Among the many other key areas covered are the meaning of the terms compensation and earned income for various purposes, IRS reporting requirements, participant disclosures, ERISA fiduciary requirements, and earnings from self-employment. SIMPLE, SEP, and SARSEP Answer Book is the most comprehensive, up-to-the-minute, and authoritative resource on the market, answering the complex questions surrounding SIMPLEs, SEPs, and SARSEPs. The question[1]and-answer format, with its breadth of coverage and its plain-language explanations, provides practitioners with clear, concise answers to hundreds of practical questions. Practice pointers and numerous examples offer additional insight into the complexities of designing, administering, and reporting SIM[1]PLEs, SEPs, and SARSEPs. Citations to authorities are provided as research aids for those who need to pursue particular subjects in greater detail. Numbering System. The questions are numbered consecutively within each chapter (e.g., Q 1:1, Q 1:2, and Q 1:3). List of Questions. The detailed List of Questions that follows the Contents helps the reader locate areas of immediate interest. The list is similar to a detailed table of contents, providing both the question number and the page on which the question appears. Appendices. For the reader's convenience, supplementary reference materials are provided in appendices at the end of the book. Abbreviations and Acronyms. A number of the terms and statutory references that appear repeatedly in this book are referred to by their abbreviations and/or acronyms after the first mention. Previous Edition: SIMPLE, SEP, and SARSEP Answer Book, 2020 Edition, ISBN 9781543819168

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