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September 11, 2008

Deadlines for retirement plans apply to small firms

  • SIMPLEs and SEPs are among the most popular retirement plans for small businesses because they are easy to create and maintain.
    • By JOYCE M. ROSENBERG
    AP Business Writer

    NEW YORK — Small business owners who are thinking about setting up retirement plans for their employees should be aware that there are two important deadlines coming up in October that affect the plans known as SIMPLEs and SEPs.

    Under the Internal Revenue Code, Oct. 1 is the date by which a business must set up a SIMPLE, or Savings Incentive Match Plan for Employees. And, for owners who received extensions of the filing deadline for their 2007 returns, Oct. 15 is the date by which they must set up a SEP, or Simplified Employee Pension, in order to take a deduction for 2007. It's also the date by which 2007 contributions to existing SIMPLEs and SEPs must be made, again, for owners who received extensions.


     
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