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Modesto California Form 5304-SIMPLE: What You Should Know

Sacramento CA Office Hours 7am to 7pm.   May 22, 2023 — Tax Tips for Employers, Including Employee FICA, State and Federal Taxes, IRS. May 30, 2023 — The IRS has updated the filing requirements for Form 8606 (Form 8606 — Employment Incentive Match Plan for Employees of Small, Medium and Large Employers). If you are in a situation where a Form 8606 is needed by you, the IRS will call for you to complete the required forms. They will help you complete your Employment Incentive Match Plan (LIMP Plan #5704). You may wish to request a Form 8606 from your employer. However, you should be aware that some states may require you to file a separate Form 8606, which may be more expensive than providing direct taxpayer assistance through the IRS. To determine whether your state requires a separate Form 8606 of any sort, you can contact your state's government website for the most up to date information. The following are the important LIMP Plan tax requirements for California employers. Employers of any size or type (small or large) are required to use the LIMP Plan for its employees. An LIMP Plan is a voluntary employee retirement savings plan where employees may save for retirement at any time during the year, without penalty or contribution requirements. No employer contribution is required. The employer contributes a matching contribution equal to 2% of each eligible employee's first 6 pay period salary. If the employee's salary exceeds 60,000 for any pay period or 120,000 for any pay period, the employer's contribution will be equal to 3.6% of the employee's salary. At least 75% of the employees' contributions (including all contributions made to SIMPLE plans) must be in cash. For employers providing retirement plans by electronic means as a defined contribution plan, the employer must also make a pre-tax investment of 10% of the eligible employees' contribution up to a maximum of 100,000 during any 12-month period. For employers providing retirement plans by electronic means as a defined benefit plan, the employer must also make a pre-tax investment of 7.5% of the eligible employees' contribution up to a maximum of 100,000 during any 12-month period At least 60% of the employees' contributions must be in cash.

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