If your company will have a salary reduction option for calendar year 2024 retirement plans or other employee benefits (e.g., FSAs), you must provide notice to employees regarding eligibility to participate, salary deferral limits, and other information not later than 60 days before the start of the plan year. When it comes to a qualified retirement plan, it can be set up any time up to the extended due date of the return, but employee contributions can’t be made unless they elect them before the start of the plan year. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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ICYMI: What's in the "One Big, Beautiful Bill" for Small Business? Barbara Weltman @BigIdeas4SB digs into the House-passed bill and reviews key tax-related provisions. The Senate is now acting on the bill, which will likely include some changes. More: