Fisher Posted June 4, 2008 Posted June 4, 2008 What is required when a sole proprietor who has a SEP later incorporates? Does he need to complete a new Model 5305-SEP? Does he need to set up a new SEP account?
jevd Posted June 4, 2008 Posted June 4, 2008 In my opinion re-state the document to name corporation as employer. A new traditional IRA account to accept the SEP contributions is NOT necessary unless the individual wants to maintain for record keeping purposes but I see no advantage to that. Someone with more tax related knowledge may have a different opinion. JEVD Making the complex understandable.
Fisher Posted June 5, 2008 Author Posted June 5, 2008 Thanks - that is what I was think too. Just wanted another opinion
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