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Start a SEP Retirement Plan for 2013

Posted by: Zaher Fallahi
Posted On: Mar 01, 2014

If you own a business, you still have time to set up a Simplified Employee Pension plan for


2013. If you set up and fund your SEP by the due date of your 2013 business return

(including extensions), you can still take a deduction for 2013.


If your business uses the calendar year for its tax year, the deadline to set up and make a

contribution to a SEP plan for 2013 depends on the type of your business organization:


If your business is a corporation, filing Form 1120, U.S. Corporation Income Tax

Return, or 1120S, U.S. Income Tax Return for an S Corporation, you have until

March 15, 2014 (September 15, 2014, if you file for an extension).


If your business is a partnership, filing Form 1065, U.S. Return of Partnership

Income, you have until April 15, 2014 (September 15, 2014, if you file for an



If your business is a sole proprietorship, reported on Schedule C of Form 1040, you

have until April 15, 2014 (October 15, 2014, if you file for an extension).

You can set up a SEP plan for little or no cost at a bank, investment firm or insurance



SEP plans offer high contribution and deduction limits, minimal paperwork and no annual Form 5500 return filing. You can contribute to a SEP plan even if you participate in an unrelated employer’s plan (for example, a 401(k) plan). Contributions to a SEP plan are subject to the SEP contribution limits.


Other kinds of business-sponsored retirement plans must have been established before the

end of 2013 for the business to get a deduction for 2013.


If you need assistance with the IRS representation, tax preparation, tax planning and disclosure of your undeclared foreign bank accounts, please contact the Los Angeles & Orange County Tax Attorney, CPA, Zaher Fallahi, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to taxattorney@zfcpa.com.


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