Welcome To

Fenner, Melstrom & Dooling PLC

Accountants who think like business owners.

We are your strategists, advisors and confidants.

We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.

Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself.

 

 

Fenner, Melstrom & Dooling - Detroit Metro Area Accounting Firm



FMD Updates

With Retirement Plans, SIMPLE May Be Better

In 2017, if a company sponsors a profit-sharing plan, the company could make a contribution on behalf of the business owner of as much as $54,000. With a SIMPLE IRA, the maximum amount this year is $31,000. If that's the case, why would you consider the latter choice?

  

One reason can be found in the plan's name; a SIMPLE (savings incentive match plan for employees) IRA has less paperwork as well as lower start-up and operating costs, compared with many other types of retirement plans. As long as your company is eligible (it must have no more than 100 employees and must not sponsor another retirement plan), you can set up the plan by filling out IRS Form 5304-SIMPLE or 5305-SIMPLE.

  

Subsequently, there is no annual filing requirement and no testing for discrimination in favor of highly-compensated employees. The only other requirement is annual notification, which you can meet by sending each employee a copy of the original 5304-SIMPLE or 5305-SIMPLE.

  

A SIMPLE IRA also can work if you are just starting a company and have no employees. With other retirement plans....


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