What is a SEP IRA/SIMPLE IRA?
A SEP IRA/SIMPLE IRA are separate Retirement plans established by employer. They can have bothemployer and employee contributions. The account is not established in the name of the company – it’s opened just like a regular IRA. However, as the IRA account holder you need to complete the employer name and address section of the new account application. SEP and Simple IRAs have plan documents that need to be filed with the IRS. It is up to you the account owner to establish your company plan document and forward a copy to your tax advisor/ CPA. One account holder/one signer. Requires an IRA Beneficiary Designation form.
