M Norton Posted November 30, 2020 Share Posted November 30, 2020 Not-for-profit client adopted a SEP on a Merrill Lynch SEP document (not IRS form) with a fiscal year end of 9/30. Can a SEP have a fiscal year? I have seen only calendar-year SEPs. Thanks. Link to comment Share on other sites More sharing options...
Peter Gulia Posted November 30, 2020 Share Posted November 30, 2020 An employer might elect, “subject to such terms and conditions as the Secretary may prescribe”, “to maintain the simplified employee pension on the basis of the employer’s taxable year.” Internal Revenue Code of 1986 (26 U.S.C.) § 408(k)(7)(C)(ii). Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
StephenD Posted December 3, 2020 Share Posted December 3, 2020 Hiya Folks! I've seen many IRS-approved prototypes with the ability to select something other than the calendar year. No reason why SEP has to be calendar. Link to comment Share on other sites More sharing options...
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