Newsletters
Our regularly updated newsletter provides timely articles to help you achieve your financial goals.
The Internal Revenue Code (IRC) §45E provides significant tax incentives to small employers who establish qualified retirement plans for their employees. These incentives are designed to encourage small businesses to offer retirement benefits, enhancing financial security for employees and providing valuable tax relief for employers.
Key Benefits of IRC §45E:
1. Startup Costs Credit (Up to $5,000):
2. Credit for Employer Contributions (Up to $1,000 per Employee):
Eligibility Requirements:
To qualify for these credits, a small employer must:
Steps to Take Advantage of IRC §45E Credits:
The IRC §45E credits can substantially offset the costs of establishing and maintaining a retirement plan, making it easier and more affordable for small businesses to offer these valuable benefits. If you have any questions or need assistance in claiming these credits, please contact us at info@millermusmr.cpa or call us at +1-703-437-8877.
Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding penalties.
From: G.F. Joey Musmar, CPA, CVA, ABV Date: January 9, 2025