Introduction A one-owner business often begins as a Sole Proprietorship. Other times, the business is set up as a Limited Liability Company (LLC) without any tax election. In either of these cases, the business would be taxed as a Sole Proprietorship. However, as the business grows, the tax advisor may suggest converting the business to […]

April 29, 2022

Advantages of Taxation as an S Corporation for Defined Benefit Sponsors

This article has been updated for 2022. Contribution backfilling is a powerful strategy that business owners may use in a variety of situations. This article will provide Defined Benefit Plan context for understanding, explain the concept of contribution backfilling, and examine several situations where backfilling in a Defined Benefit Plan may be beneficial. Context: Defined […]

Backfilling a Defined Benefit Plan

April 15, 2021

Defined Benefit Strategy: Contribution Backfilling

This article has been updated for 2022. Background: Locum Tenens Retirement Are you a locum tenens worker? If so, planning for your retirement is critical. For example, you likely are not enrolled in an employer-sponsored retirement plan. In other words, saving for retirement is your responsibility. However, being self-employed provides a broader range of options […]

locum tenens retirement

October 16, 2020

Retirement for Locum Tenens Workers. What Is the Right Vehicle?

This article has been updated for 2022. What Is a Cash Balance Plan? A Cash Balance Plan is a type of retirement plan. However, unlike individual retirement vehicles, such as IRAs, Cash Balance Plans are employer-sponsored. Thus, an individual cannot adopt a Cash Balance Plan unless he or she is self-employed. Additionally, if an individual […]

What Is a Cash Balance Plan

August 19, 2020

What Is a Cash Balance Plan? How Does a Cash Balance Plan Work?

This article has been updated for 2022. Early Defined Benefit Adoption It’s human nature to take action as a deadline approaches. For example, why do you think CPAs are busier in April than February? Not surprisingly, it’s the same for clients setting up a Defined Benefit Plan. Historically, we’ve seen Defined Benefit inquiries and setups […]

Setting Up a Defined Benefit Plan Early in the Year

February 26, 2020

Setting Up a Defined Benefit Plan Early in the Year. What Are the Advantages?