SEP IRAs

When is the SEP filing deadline?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

Unlike a Keogh, which must be set up before the end of the taxable year in which the plan is to be effective, a employer may contribute to a SEP (Simplified Employee Pension IRA) set up by the filing deadline of Form 1040 (generally 4/15/XX) including extensions.
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SEP IRAs

What is a SEP?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

A SEP is an abbreviation for a Simplified Employee Pension IRA. A retirement plan that an employer or self-employed individuals can establish.
The employer is allowed a tax deduction for contributions made to the SEP plan and makes contributions to each eligible employee's SEP IRA on a discretionary basis.
Contributions to SEP IRAs are immediately 100% vested, and the IRA owner directs the investments.
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Keogh Plans

Do employees have to be included in Keogh plans?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

Yes. All employees who have reached age 21 with at least 1 year of service. Generally, a employer does not have to cover seasonal or part-time employees who work less than 1,000 hours during a 12 month period.
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Keogh Plans

What is a Defined-Contribution Plan?

Asked Monday, November 14, 2011 by an anonymous user

CPA Answer:

A Defined-Contribution Plan is a type of Keogh plan. It is a retirement plan in which a certain amount or percentage of money is set aside each year by a company for the benefit of the employee. There are restrictions as to when and how you can withdraw these funds without penalties.
The limitation increased in 2014 from $51000 to $52,000.
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Where/How Do I File?

I live in Delaware, DC, Indiana, Kentucky, Maryland, Michigan, Mew Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, West Virginia, Wisconsin, where do I file Form 941?

Asked Friday, October 28, 2011 by an anonymous user

CPA Answer:

If you are filing a form without a payment, mail Form 941 to IRS Cincinnati OH 45999-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 804522 Cininnati OH 45280-4522
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Where/How Do I File?

I live in Connecticut ,Georgia, Illinois, Maine , Massachusetts , New Hampshire , Rhode Island , Tennessee, Vermont , NY, Virginia, where do I file Employer's Quarterly Federal Tax Return 941 ?

Asked Friday, October 28, 2011 by an anonymous user

CPA Answer:

If you are filing a form without a payment, mail Form 941 to IRS Cincinnati OH 45999-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 804522 Cincinnati OH 45280-4522
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Where/How Do I File?

I live in Alabama, California, Florida, Kansas, New Mexico, Oklahoma, Where do I file Form 941?

Asked Friday, October 28, 2011 by an anonymous user

CPA Answer:

If you are filing a form without a payment, mail Form 941 to IRS Ogden, UT 84201-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 105083 Atlanta GA 30348-5083
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Payroll Taxes

I live in Alabama, California, Florida, Kansas, New Mexico, Oklahoma, Where do I file Form 941?

Asked Friday, October 28, 2011 by an anonymous user

CPA Answer:

If you are filing a form without a payment, mail Form 941 to IRS Ogden, UT 84201-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 105083 Atlanta GA 30348-5083
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Divorce & Marriage Issues

What is the IRS Publication that deals with Innocent spouse relief ?

Asked Tuesday, February 13, 2001 by an anonymous user

CPA Answer:

IRS Publication 971 explains the 3 types of innocent spouse relief available. It describes who may qualify for innocent spouse relief, the separation of liability or equitable relief and how to apply. Go to the IRS website at www.irs.gov.
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Taxes - My Tax Return

What is the IRS Publication that deals with Innocent spouse relief ?

Asked Tuesday, February 13, 2001 by an anonymous user

CPA Answer:

IRS Publication 971 explains the 3 types of innocent spouse relief available. It describes who may qualify for innocent spouse relief, the separation of liability or equitable relief and how to apply. Go to the IRS website at www.irs.gov.
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