Tax Planning with Retirement Plans

Description

2021 was the first year that clients could take advantage of the SECURE Act's retroactive plan adoption provisions. Businesses usually don't have financial results finalized for a tax year until after the close of the taxable year and this new extended deadline will give companies extra time to decide whether a retirement plan may be beneficial, and if so, retroactively adopt a new qualified plan to get the benefits of tax deductions for the taxable year just ended. Coupled with the change in available tax credits for adopting new plans, this gives you a huge opportunity to shelter some taxable income with the full benefit of hindsight.

Highlights

An objective look at retirement plan selection, as well as the pros and cons of different plan types, will make you an even more valuable resource to your clients.

Objectives

Identifying tax-favored planning opportunities for your clients.

Designed For

CPAs, financial advisors, and all-around good eggs.