An update from time to time on various tax issues presented by Ed Zollars, CPA and designed for tax professionals. Users are cautioned to do their own independent research to verify any conclusions stated on this podcast--I do not claim to be infallible, but just to bring up issues to consider.

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Not a Mere Technicality-SEP Disqualified

Not a Mere Technicality-SEP Disqualified

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DATE : Sat, 24 May 2008 13:36:00 GMT
Entered in Database : 2008-05-24 13:36:00
length : 14686360
Link to the Show / Show Notes

Simplified employee pensions (SEPs) are a popular retirement plan for extremely small businesses, with one of the key attractions being that don't require many of the formalities of regular qualified plans.  But that has led to taxpayers treating them too informally, and in the case we look at this week (Brown v. Commissioner, TC Summary 2008-56) a taxpayer discovered the hard way what can be the consequences of failing to faithfully follow the simplified rules for this type of plan.

The materials for this podcast can be found at http://www.edzollars.com/2008-05-26_SEP_Issue.pdf .

I'll be in New Orleans next Monday at the AICPA Spring Tax Division meeting, so the next podcast may come out on a slightly different schedule.

The podcast is sponsored by Leimberg Information Services, located at http://www.leimbergservices.com.

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