NASSAUSUFFOLK

 View Only

  • 1.  SEP IRA

    Posted 09-16-2018 08:35 AM
    Can an "S" Corporation president make a  contribution to a SEP IRA when taking no salary from the corporation? The corporation is very profitable.

    Kenneth S Friedman, CPA
    Long Beach, NY 


  • 2.  RE: SEP IRA

    Platinum Most Valuable Member
    Posted 09-17-2018 11:14 AM
    No they cannot.

    ------------------------------
    Robert Brown
    ROBERT N. BROWN, CPA
    Jericho NY
    ------------------------------

    Original Message


  • 3.  RE: SEP IRA

    Silver Most Valuable Member
    Posted 09-18-2018 08:17 AM
    On audits the IRS is looking for officers salary,

    ------------------------------
    Kenneth Zweibel
    KENNETH J. ZWEIBEL, CPA PC
    East Northport NY
    ------------------------------

    Original Message


  • 4.  RE: SEP IRA

    Bronze Most Valuable Member
    Posted 09-18-2018 12:42 PM
    The president of the S corp is an employee of the Corp.

    The S corp can set up a SEP -IRA, but it must make contributions for all of its eligible employees.

    If the President is the sole employee, then it's fine, but the required SEP contribution can become large and onerous if there are employees
    Pamela Diamond
     
    Pamela Diamond, CPA, PFS
    Registered Investment Adviser
    Creative Wealth Builders, LLC
    www.creativewealthbuildersny.com
    diamondpamela@yahoo.com
    (516) 538-7604
     
    NOTICE: The information contained in this e-mail transmission is intended for the use of the individual(s) to which it is addressed and may contain information that is confidential, the disclosure of which is prohibited by law. If you are not the intended recipient, you are notified that any dissemination of this communication and/or any attachment hereto is strictly prohibited. If you have received this communication in error, please notify the Sender immediately by reply e-mail (or at 516-538-7604) and destroy / delete the original transmission and any attachments hereto. Although this e-mail is believed to be free of any virus or other defect, it is the responsibility of the recipient to ensure that it is virus free; Pamela Diamond, CPA/PFS and Creative Wealth Builders, LLC accepts no responsibility for any loss or damage arising in any way from its use. E-mail communications should not be considered covered opinions as referenced by IRS circular 230. Formal tax opinions are held to higher standard than routine advice and will be labeled as such.



    Original Message


Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.