Every six years, the IRS requires that qualified retirement plans that rely on preapproved plan documents be completely amended and restated. All plan documents must be updated by July 31, 2022. Updating those plan docs can be expensive. This is the time to explore the options, ensure you're paying the lowest costs and getting the right service.

2021 is a mandatory retirement plan restatement year. This is essentially the “renewal year” for retirement plans, as this process repeats every six years and requires all 401(k) and profit-sharing retirement plans using a prototype document to undergo a mandatory amendment process. The restatement process incorporates the prior six year’s interim amendments into a new consolidated, “restated” singular document. The cost of the restatement may vary from provider to provider, but typically will run between $1,000 to $3,000. Don’t accept the “rubber stamp” version of approval and miss out on valuable opportunities to improve your plan. There are valuable discussions to be had to help you extract more value out of the mandatory restatement process.


Employee Benefits for Business Owners

INTRODUCTION There is a direct link between business success and employee benefits. Some of the most successful businesses are those with satisfied employees. And it shouldn’t surprise anyone that some of the most satisfied (and productive, dedicated and loyal!) employees are those that are content...

Financial Planning for Business Owners

INTRODUCTION When you are full of ideas for starting a new business, all you can see is what’s going to happen tomorrow. The thought of having their vision turned to reality often blinds new entrepreneurs to that all-important question: Does it all makes sense financially? While passion is key to...

Succession Planning for Business Owners

INTRODUCTION When entrepreneurs start a business, the last thing on their minds is succession planning. Most business owners spend a lot of time – as they should – on Operations Plans, Marketing Plans, Capital-spending Plans, Maintenance Planning, Staffing Plans…and more. But what about Succession...

Tax Planning for Business Owners

INTRODUCTION Business transactions are becoming more complex each year. And with that, the world of taxation grows in complexity as well. As the rules of doing business, within a single jurisdiction or across multiple jurisdictions, change, so does the need for assessing their tax impacts on...

Executive Compensation for Business Owners

In a small business setting, it could take years to find or develop the executive talent needed to build the business to the next level. Executive talent is hard to come by, and it is even more difficult on the business when it walks out the door in pursuit of another opportunity.

Small Business Retirement Plans

The creation of the Simplified Employee Pension (SEP) and the Savings Incentive Match Plan for Employees (SIMPLE) affords smaller businesses with a way to offer their employees a retirement plan. The SEP and SIMPLE were designed for businesses with less than 100 employees and y are less costly to administer than a 401(k).

Planning for Business Owners

Growing a business is a difficult undertaking today as business owners must confront a myriad of tax laws and regulations while trying to effectively create products or services, manage their employees, develop and cultivate clients, and do so profitably.