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SEP & SIMPLE IRA Plans: Strategies for Making Correct Contributions and Deductions

IRS [Internal Revenue Service]

July 28, 2016
Recorded Online

The IRS Tax Exempt Government Entities Division presented this seminar at the 2016 IRS Nationwide Tax Forum.

This seminar provides guidelines for SEP and SIMPLE IRA plan contribution requirements and limitations. It contains examples to help you calculate the proper contributions and allowable deductions for your SEP and SIMPLE IRA plan.

This session discusses:

  • SEP & SIMPLE IRA plan contribution requirements;
  • compensation defined for a SEP and SIMPLE IRA plan;
  • making the required match or non-elective contributions in a SIMPLE IRA plan;
  • SEP and SIMPLE IRA plan contribution limitations;
  • deductions allowed for employers on Forms 1040, 1120, and 1120S;
  • self-employed contribution calculation (Pub 590 worksheet);
  • how to correct excess contributions;
  • required minimum distributions;
  • prohibited transactions in your SEP or SIMPLE IRA; and
  • what we're finding in our examinations.

By the end of this presentation, you will be able to:

  • Calculate the maximum contribution to a qualified SEP
  • Identify common compensation errors for SIMPLE IRA Plans
  • Determine which form to use for a SEP Plan
  • Recognize corrective action programs available for plans
  • Identify a great resource of information recommended by TEGE

No prerequisites or advanced preparation are required for this seminar.

View edited transcript.

More Information, How to Register

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