If your company will have a SIMPLE-IRA for calendar year 2022, you must provide notice to employees regarding eligibility to participate, salary deferral limits, and other information not later than 60 days before the start of the plan year. While an employer may set up a qualified retirement plan any time up to the extended due date of the return, employee contributions can’t be made unless they elect them before the start of the plan year. Important: Today is Election Day. Check state laws to determine whether you are required to give time off with/without pay. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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