Can we establish a SEP for 2003 now?

[Guest Boilerburm]

I have a self-employed individual who has about $75K in comp for 2003, and doesn't have a plan. Can he set up a plan now? I know he can't use the IRS Form, but can he set up an individually designed SEP plan?

[Appleby]

Actually, he can use the IRS form. The SEP can be established by tax filing deadline including extensions. If no extension was applied for, then it is too late.

[Guest Boilerburm]

Thanks Appleby.