by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A Simplified Employee Pension (SEP) allows employers to contribute to retirement accounts for themselves and their employees. Contributions are made to individual SEP‑IRAs, which employees own and control. A SEP‑IRA may also be structured as a Roth SEP‑IRA....
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A SIMPLE plan allows small employers with 100 or fewer employees to offer retirement savings through salary reduction contributions and required employer contributions. Employers cannot maintain another retirement plan at the same time unless it covers union...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A qualified retirement plan is an employer‑sponsored plan that provides tax‑favored retirement savings. These plans follow specific rules for contributions, participation, and benefits. Employers may deduct contributions made to the plan, and employees may receive...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
Retirement plans allow employers to provide tax‑favored savings for employees. Common small‑business plans include SEP IRAs, SIMPLE IRAs, SIMPLE 401(k)s, and qualified plans. Each plan has its own contribution rules, deadlines, and eligibility requirements. Common...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A partner may dispose of an interest through a sale, exchange, withdrawal, retirement, or at death. The tax result depends on the type of assets inside the partnership and whether the partner is relieved of liabilities. Sale or Exchange of a Partnership Interest The...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
Partnership distributions fall into two categories: current distributions and liquidating distributions. A current distribution provides money or property to a continuing partner. A liquidating distribution ends the partner’s entire interest, either through one...
