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NEWSLETTERS
Volume 3,
Issue 2 ........................................................................................................................................................
June 2002
Employer Administrative Expense Tax Credit
Small employers, defined as having no more than 100
employees, will receive a tax credit for a portion of the costs associated
with setting up a new retirement plan (401(k), profit sharing, defined
benefit, Safe Harbor and Simple plans) for plans beginning after December
31, 2001.
The tax credit equals 50% of the start-up costs incurred,
with a maximum of a $500 credit per year. The credit can be claimed for
three years beginning with the year the plan is set-up. The costs incurred
cannot be claimed as a tax credit and deducted as a business expense.
©2002 Administrative Retirement Services, Inc. |
© Administrative
Retirement Services, Inc. 2002
Published
by Administrative Retirement Services, Inc., E-mail address: arsinc@prodigy.net.
Copyright 2002 by Administrative Retirement Services, Inc. Reproduction
in whole or in part is prohibited except by written permission. All rights
are reserved. Information has been obtained by Administrative Retirement
Services, Inc. from sources believed to be reliable. However, because of
the possibility of human or mechanical error by our sources, Administrative
Retirement Services, Inc. or others, Administrative Retirement Services,
Inc. does not guarantee the accuracy, adequacy, or completeness of any
information and is not responsible for any errors or omissions or the result
obtained from the use of such information. Readers should seek specific
advice before acting with regard to the subjects mentioned here.back |