New Web-based Retirement Plan Tool Online for Small Business Owners

The Internal Revenue Service is offering a new Web-based tool to help entrepreneurs and small business owners determine which tax-favored pension plan best suits their needs and how to keep their plans in compliance.

The IRS Retirement Plan Navigator is intended to provide employers with an easy-to-use guide that focuses on three areas: choosing a plan, maintaining a plan and correcting a plan.

By using the navigator, employers may find that choosing and maintaining a pension plan is not as daunting as they thought. Some plan types are less costly and easier to establish than others.

The navigator does not suggest which plan may be best for a specific employer but it does lay out the options to allow them to choose one that best fits their situations. The navigator includes a side-by-side comparison of pension plans and their requirements.

The navigator provides a checklist and suggested resources for maintaining compliance. Pension laws change frequently. Employers can minimize problems by doing a once-a-year review to ensure they maintain compliance.

The IRS also recognizes that mistakes can be made unintentionally, and many errors can be corrected without notifying the agency. The navigator offers suggested options to employers seeking to correct errors and bring their plans back into compliance.

Although the Retirement Plan Navigator is aimed at small business owners, it also can help mid-size businesses review their options as well. Individuals who want to better understand their employer’s plan may also find it of use.  

The Web-based guide will be kept up to date as pension laws and regulations change. You can learn more at http://www.retirementplans.irs.gov/; and of course, find all kinds of video tax tips with IRS experts at http://www.sbtv.com/IRS and http://www.irs.gov/businesses/small/index.html

New Expanded Services & Hours at Grants.gov

Many small businesses, organizations and associations are looking for government grants. There is help for individuals and organizations applying for federal grants around the clock now thanks to extended hours at Grants.gov. The Grants.gov Contact Center is now available 24 hours a day, 7 days a week to provide customer service to the applicant community. The new extended hours will provide applicants support around the clock, any time it’s needed. You can reach the Grants.gov Support Center at 1-800-518-4726 or by email at support@grants.gov