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Alabama Form 5304-SIMPLE: What You Should Know

I don't believe that the IRS is going to treat us well if you have a plan like this. β€” Darlene I was told that a plan administrator could sign a plan at the time that he filed the Form 5304-SIMPLE. β€” Donna I am not sure what this will cover. It must be 10 employees or fewer. β€” Liza Form 5304-SIMPLE has so many things that make it unique and interesting. It will be the best way to make sure you are prepared for the 2023 tax year! β€” Ed In 2023 every employee on the plan had the option to choose which account they preferred to send money to. I think this would be a great feature. β€” Donna The plan could be created to do nothing. It is easy to plan on the amount of money that will be taken from the employees SIMPLE. β€” Donna If the employer's plan is a 401(k), then it might be possible if an employee is the beneficiary. The plan could be limited just to money, not all of it. That should mean we don't get hit with the 1099-MISC mistake! β€” Donna I am surprised that they are adding a 200 million limits. I thought it was 2 million. And why are they increasing the cost-of-living adjustment? β€” Liza If you can have the money withheld from every paycheck, and you don't make contributions to this or other qualifying plans, then that could work. β€” Ed Will a company be able to have a β€œSIMPLE Retirement-Plan” without making contributions? And if the plan will be taxed at income tax rates, how will we be treated? β€” Darlene The 1099-MISC was created at the same time that employee compensation became taxable, and it was created to prevent companies from paying out β€œbribes” like 401(k) matching. However, I don't remember that 401(k) matching for SIMPLE contributions wasn't taxed, at least not to the same extent as income. β€” David The IRS might allow the SIMPLE plan to be taxed as an option for the current year, but there is no guarantee and the IRS might want to go further and get some kind of plan approved for tax purposes for the 2020s. β€” Ed I am not sure about plans for 2020. I would recommend that a plan should be filed for the year it is in effect at all times.

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