January 13, 2021
Dear WZ Clients, Business Associates and Friends,
SECURE ACT ALLOWS FOR QUALIFIED RETIREMENT PLANS TO BE SET UP IN 2021 FOR 2020
When reviewing your business’ 2020 tax position, a tax- deductible retirement plan contribution is an effective way to lower your taxable income. If your business has not already adopted a qualified retirement plan, we wanted to inform you that the SECURE Act has changed the timing rules for the establishment of these plans. You are NOW able to adopt a new qualified plan for the prior calendar year up to your tax filing deadline, and this includes extensions. This change in timing, means there is still time in 2021 to adopt a plan that is effective for 2020 that will enable you to make a contribution that is tax deductible against your 2020 income. WZ is here to assist you so please do not hesitate to call us.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
STAY SAFE AND HEALTHY
** IF YOU HAVE MISSED ANY PREVIOUS WZ COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE