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RETROACTIVELY ADOPTING A RETIREMENT PLAN COULD BRING TAX SAVINGS

RETROACTIVELY ADOPTING A RETIREMENT PLAN COULD BRING TAX SAVINGS

Under the SECURE Act of 2019, effective Jan. 1, 2020, employers may retroactively adopt a retirement plan after the close of its tax year. To qualify, an election must be made treating the plan as having been adopted as of the last day of the previous tax year prior to the filing of the prior year’s corporate income tax return, including extensions.

For these plans, the IRS has waived the requirement to file Form 5500, the Annual Return/Report of Employee Benefit Plans. More importantly, it means you still have time.

If you have not filed your 2020 corporate tax return, which is on extension and don’t currently have a retirement plan in place, contact your UHY tax advisor to discuss your options. The deadline is fast approaching, and the right plan could bring significant tax savings while building personal wealth.

 

08/23/2021

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