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|Subject: What retirement plans can an S-Corp. offer?||Date: 2/21/2001 10:34 PM|
|Author: beonice||Number: 28034 of 81569|
I'm thoroughly confused now. I recently
incorporated an S-corporation. I was
under the impression that "small businesses"
are allowed to have Keogh or money-purchase
plans. But, now that I am reading the
descriptions of each more carefully, I
notice that they seem to assume that a
small business is one that is either a
sole proprietorship or partnership. Doesn't
an S-corp. qualify as a small business?
Especially as I am the sole owner/director/employee
of my corporation?
If anyone can point me to some authoritative
links, I'd be really appreciative. The CPA
who's doing my personal taxes seems to think
S-corps. are not eligible, but he also admits
he knows next to nothing about Medical Savings
Accounts. Another friend has dealt with a
CPA who _has_ set up his corporation with a
money purchase plan. So, even the "experts"
can't seem to agree about what's correct. I
will be calling the IRS to get the answer
"from the horse's mouth", as it were, but would
also like to know if any of you have any
experience with this particular situation.
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