Larry Kraft owns a restaurant that is open 7 days a week. He has 25 fulltimeemployees, but he has fairly high employee turnover. He believes thathe can stabilize his workforce if he has a pension plan for his employees.Larry hears about a small business retirement plan called the SIMPLE IRA.What are the qualifications and limitations for him to establish this plan?

Larry Kraft owns a restaurant that is open 7 days a week. He has 25 fulltimeemployees, but he has fairly high employee turnover. He believes thathe can stabilize his workforce if he has a pension plan for his employees.Larry hears about a small business retirement plan called the SIMPLE IRA.What are the qualifications and limitations for him to establish this plan?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 85IIP

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