IRS Releases Updated Publication 560 for Retirement Plans for Small Business

On Jan. 26, 2017, the IRS released the 2016 version of Publication 560, Retirement Plans for Small Business. This publication discusses retirement plans that small business owners can establish for themselves and their employees. The publication specifically addresses Simplified Employee Pensions (SEPs), SIMPLE Plans, and Qualified Plans and the IRC’s requirements for each.

This edition of the publication has been updated to reflect limits for 2016 and 2017, including the compensation limits, the elective deferral limit, the defined contribution limit, the SIMPLE plan salary reduction contribution limit and the catch-up contribution limit.

The publication also includes deduction worksheets for the self-employed and information on how small businesses can obtain tax help.

Publication 560 »