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Simple changes made simpler

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Small business owners have more time to bring their SIMPLE IRA plans up to date. SIMPLEs are supposed to incorporate requirements from the 2001 tax reform law. But after discovering that thousands of plans weren’t up to snuff, the IRS is now giving employers until Dec. 31, 2006, to comply. Note: If you want to establish a new SIMPLE plan for the 2006 tax year, you must do so by Oct. 1. Find IRS model plans at (Click on “SIMPLE IRA Plan Document Compliance and Relief.”)

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