November 16, 2007, Newsletter Issue #90: SEP IRAs and Other Retirement Accounts
Tip of the Week
Eligible employees may have as many different retirement vehicles as they choose. Employers can offer a SEP IRA and another type of retirement plan to employees, but doing so requires that the employer either adopt a pre-approved SEP or an individually designed SEP. The employer cannot use Form 5305-SEP. Participating in a SEP IRA has income tax filing consequences for both employers and employees. Both employers and employees should seek tax advice and planning assistance when trying to determine the impact to current and future tax planning scenarios.
About LifeTips
Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.
