{"id":426,"date":"2015-12-16T02:14:22","date_gmt":"2015-12-16T02:14:22","guid":{"rendered":"https:\/\/0c8fb60.netsolhost.com\/en\/?p=426"},"modified":"2022-11-16T03:32:39","modified_gmt":"2022-11-16T03:32:39","slug":"273-2015-sep","status":"publish","type":"post","link":"https:\/\/www.usataxhelp.com\/en\/our-tax-blog-at-wwwirstaxtalkcom\/international-taxation\/273-2015-sep\/","title":{"rendered":"2015 SEP"},"content":{"rendered":"\n

SEP IRA PROVISIONS<\/strong><\/p>\n\n\n\n

A. SEPs are written plans that are 100% funded by the employer. Contributions vest<\/p>\n\n\n\n

    immediately. Contributions can vary from year to year and are discretionary.<\/p>\n\n\n\n

B. Employees must be covered if they have<\/strong>:<\/p>\n\n\n\n

     1. Reached age 21 or over;<\/p>\n\n\n\n

     2. New – Earned at least $600 during 2015; and<\/p>\n\n\n\n

     3. Had qualifying earnings amounts for the employer during any three of the<\/p>\n\n\n\n

        preceding five years.<\/p>\n\n\n\n

     4. The above limitations are maximums and participation requirements can<\/p>\n\n\n\n

        be reduced by the employer when establishing the plan by completing<\/p>\n\n\n\n

        Form 5305-SEP.<\/p>\n\n\n\n

C. Administration fees are low and Form 5500 is never required.<\/p>\n\n\n\n

D. SEPs may be established, and deposits made, up to the due date of the return<\/p>\n\n\n\n

    including extensions.  THAT MEANS YOU CAN TAKE A DEDUCTION FOR 2015<\/strong><\/p>\n\n\n\n

    BUT NOT FUND THE SEP UNTIL A PROPERLY EXTENDED DUE DATE FOR THE RETURN.<\/strong><\/p>\n\n\n\n

    A CALENDAR YEAR END CORPORATION COULD WAIT UNTIL SEP 15, 2015 TO PAY.<\/strong><\/p>\n\n\n\n

    A DIS-REGARDED ENTITY CAN WAIT UNTIL OCT 15, 2016.<\/strong><\/p>\n\n\n\n

E. New: For 2015, employer contributions for employees are limited<\/strong> to the lesser of<\/p>\n\n\n\n

    25% of compensation or $53,000<\/strong>. There is no catch up contribution permitted.<\/p>\n\n\n\n

F. New: Eligible compensation is limited by IRC 415, for 2015 that amount is $265,000.<\/p>\n\n\n\n

G. The percentage contribution must be the same for all qualified employees; there is<\/p>\n\n\n\n

    no permitted disparity.<\/p>\n\n\n\n

H. For the self-employed, the deduction is limited to 25% of net income after the<\/p>\n\n\n\n

    owner\u2019s contribution to the plan. The net income is reduced by:<\/p>\n\n\n\n

       1. 50% of the self-employment tax [IRC Sec. 401(c)(2)(A)], and<\/p>\n\n\n\n

       2. The self-employed health insurance deduction.<\/p>\n","protected":false},"excerpt":{"rendered":"

SEP IRA PROVISIONS A. SEPs are written plans that are 100% funded by the employer. Contributions vest     immediately. Contributions can vary from year to year and are discretionary. B. Employees must be covered if they have:      1. Reached age 21 or over;      2. New – Earned at least $600 during 2015; and      […]<\/p>\n

Read More… from 2015 SEP<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,14],"tags":[],"class_list":["post-426","post","type-post","status-publish","format-standard","hentry","category-international-taxation","category-llc"],"yoast_head":"\n2015 SEP - USA Tax Help<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.usataxhelp.com\/en\/our-tax-blog-at-wwwirstaxtalkcom\/international-taxation\/273-2015-sep\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2015 SEP - USA Tax Help\" \/>\n<meta property=\"og:description\" content=\"SEP IRA PROVISIONS A. SEPs are written plans that are 100% funded by the employer. 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SEPs are written plans that are 100% funded by the employer. Contributions vest     immediately. Contributions can vary from year to year and are discretionary. B. Employees must be covered if they have:      1. Reached age 21 or over;      2. 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