Most small businesses use prototype plans from financial institutions for their profit-sharing or other qualified retirement plans. However, those who use individually designed plans must make sure to amend them to include law changes. The IRS released a list of required amendments, which generally must be made by December 31, 2018. Those with prototype plans should receive amendments from their institutions; retain them with other tax and benefits records.
New blog post today! Partnerships and LLCs from a Tax Perspective
