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Printable Form 5304-SIMPLE Westminster Colorado: What You Should Know
If you are a small employer with less than 500 full-time employees and 10,000 in assets and plan to contribute at least 10% of the employees' compensation to the SIMPLE IRA Plan, follow the steps in the SIMPLE IRA Plan (Form 5304-SIMPLE — Westminster). 1. The Employer determines the contribution rates for the SIMPLE IRA Plan. 2. The Employer provides employees with a model plan notice detailing the contribution guidelines. 3. The Employer provides employees with the form and instructions. 4. The Employer provides SIMPLE IRA Plan documents by mail to all employees. 5. Within 30 days of the receipt of the SIMPLE IRA Plan document from the Employer, the Employer must mail to employees a statement that states the percentage of their compensation that is subject to the contribution guidelines. 6. The Employer provides the SIMPLE IRA Plan documents by mail to employees by April 30 of each year (by February 15 if March and April are two separate months). 7. Within 30 days of the receipt of the SIMPLE IRA Plan document from the Employer, the Employer sends a notice to each employee. The statement must include the employee's contributions, and indicate the exact date and time that the SIMPLE IRA Plan documents will be mailed for the purposes of filing IRS Form 5304-SIMPLE. Westminster, CO Accounting Firm | Business Strategies Page 5304-SIMPLE Plan Employees can make contributions to the SIMPLE IRA Plan (Schedule D-EZ-RSP) through payroll deductions by using a payroll agent, or through an electronic direct deposit to an account maintained with a broker as follows. The account must be designated as a SIMPLE IRA in the employee's employee classification area. Form 5304-SIMPLE Schedule D Schedule D-EZ-RSP 5304-SIMPLE Business Strategies (PDF) 5304-SIMPLE Schedule D-EZ (PDF) Employees can make contributions to Roth IRA (Schedule 5, Publication 549) through payroll deductions by using a payroll agent, or through an electronic direct deposit to an account maintained with a broker as follows. The account must be designated as a Roth IRA in the employee's employee classification area.
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