Do you help a small business count its tax credits for a startup retirement plan?

I read in this week’s Pensions & Investments magazine that at least one recordkeeper “calculates Secure 2.0 tax credits for new plan sponsor clients, giving them worksheets that they can give to their CPAs to make sure they take advantage of the tax credits[.]”

TPAs, of recordkeepers you work with, is this a common service?

TPAs, do you offer this service? Routinely, or when asked? Within a base fee, or for an incremental fee?

What are the advantages and disadvantages of this service?

Bundled provider here.  We do this for all clients as part of our regular services, no additional fee.  

I see no disadvantage to doing it.  It's very helpful during the sales phase, and both clients and CPAs have been very appreciative.  If you collect the necessary information, it's not a heavy lift to provide this service.

Thanks!!!

In designing the report that’s the deliverable to clients and their CPAs, were there any issues about interpreting the tax law? Or are those provisions of the Internal Revenue Service so clear and unambiguous that there was no need for interpretation?

(As you’re smart enough to discern, my interest is in teaching students about work environments beyond law and accounting firms.)

2 hours ago, Peter Gulia said:

were there any issues about interpreting the tax law? Or are those provisions of the Internal Revenue Service so clear and unambiguous that there was no need for interpretation?

We feel that they are pretty clear, but caveat with "for informational purposes only, not tax advice, etc." After all, this is based on the information we have on file, and the client/CPA may have additional information that would change things.

We provide both the tax deduction or the tax credits.  We also caveat strongly the client needs to review the information with their tax and/or legal advisor.