• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Changes for small business plans?

by on
in Small Business Tax,Small Business Tax Deduction Strategies

The myriad of choices of retirement plans currently available to small business owners can be confusing. Now a top official for the American Institute of CPAs (AICPA) says that Congress should consolidate the rules.

In written testimony provided to the House Small Business Committee on Oct. 2, AICPA Tax Executive Committee chairman Jeffrey A. Porter offered suggestions for simplifying the options, including the following:

  • A uniform employee contributory deferral type plan
  • Elimination of nondiscrimination tests based on employee pre-tax and Roth deferrals for 401(k) plans
  • Uniform rules for determining basis in distributions
  • A uniform definition of terms defining owners.
  • Elimination of the required minimum distribution (RMD) rules
  • Uniform rules for early withdrawal penalties.

There seems to be some impetus for change. Stay tuned.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/37272/changes-for-small-business-plans "

Leave a Comment