SEP IRA

Posts Tagged ‘retirement’

Question: What paperwork is needed to process an employee who declines to participate in a SEP IRA?

We have a small business with a SEP IRA with employer contributions only. One of the employees who meets the criteria for enrollment – age, income, and longevity – does not want to participate because her husband says they are not eligible to participate. I have referred them to the IRS links governing SEPs but she still will not join. What do I need to do to be compliant because “Failure to ensure that an eligible employee establishes an SEP IRA and receives SEP contributions could result in disqualification of the SEP plan by the IRS.”

Answer: i would suggest calling the irs taxpayer advocate or taxpayer helpline for assistance. both contact numbers should be on the irs.gov site. good luck.

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