Barnard & Associates https://www.401kpensacola.com Retirement Plan Specialists, LLC Tue, 26 Feb 2019 16:40:54 +0000 en hourly 1 https://wordpress.org/?v=5.7.2 https://www.401kpensacola.com/wp-content/uploads/2018/07/401Kpensacola-150x150.png Barnard & Associates https://www.401kpensacola.com 32 32 194353495 Can I still set up a retirement plan for my business and get a tax deduction for 2018? https://www.401kpensacola.com/can-i-still-set-up-a-retirement-plan-for-my-business-and-get-a-tax-deduction-for-2017/?utm_source=rss&utm_medium=rss&utm_campaign=can-i-still-set-up-a-retirement-plan-for-my-business-and-get-a-tax-deduction-for-2017 Thu, 03 May 2018 22:32:35 +0000 http://www.401kpensacola.com/?p=1782 Yes, you can! You can set up a Simplified Employee Pension (SEP) up until the due date of your tax return, including extensions! You must contribute for each eligible employee. You can set up a SEP using IRS Form 5305-SEP.  Your contributions are tax deductible, and you are saving for retirement.

A SEP or SIMPLE IRA is a great starter plan.  A SIMPLE IRA cannot be set up retroactively for 2018 but now is a great time to get started for 2019.

If your business has outgrown is SIMPLE IRA, it’s time for a 401(k) Plan.  Call me today and let’s get started!

]]> 1782 New Fiduciary Rule Effectively “Killed” https://www.401kpensacola.com/dol-extends-compliance-start-date-for-new-fiduciary-rule/?utm_source=rss&utm_medium=rss&utm_campaign=dol-extends-compliance-start-date-for-new-fiduciary-rule Thu, 03 May 2018 22:29:47 +0000 http://www.401kpensacola.com/?p=1779 We previously reported that due to a Presidential Memorandum issued on 2/3/17, the Dept. of Labor has granted a 60 day extension to the application of the fiduciary rule and exemptions known as BICE (Best Interest Contract Exemption).  The Fiduciary Rule was to go into effect 4/10/2017 but will now go into effect on 6/9/17.

As of June 21, 2018, the U.S. 5th Circuit Court of Appeals officially vacated the rule. Financial advisors and investment firms have, however, made changes to comply with the Fiduciary Rule.  Many of those changes will remain in place.

Under the Fiduciary Rule, financial advisors to retirement plan participants would have become fiduciaries.  Fiduciaries must act solely for the benefit of plan participants and their beneficiaries.  Fiduciaries must act with the care, prudence and diligence of a prudent person.  For more information about fiduciary responsibilities, visit https://www.irs.gov/Retirement-Plans/Retirement-Plan-Fiduciary-Responsibilities

]]> 1779 More Great news for Safe Harbor 401(k) Plans! https://www.401kpensacola.com/more-great-news-for-safe-harbor-401k-plans/?utm_source=rss&utm_medium=rss&utm_campaign=more-great-news-for-safe-harbor-401k-plans Sun, 29 Apr 2018 19:05:09 +0000 http://www.401kpensacola.com/?p=1588 On January 18, 2017, the IRS released proposed regulations to allow the use of forfeitures for funding Safe Harbor Matching, QNEC or QMAC contributions.

The IRS is accepting comments through April 18, 2017. The proposed regulations would be effective for taxable years on or after the regulations are finalized, however, the proposed regulations may be relied on now. Plans would have to be amended if they contain language prohibiting the use of forfeitures for funding the above contributions.

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