IRS Deadline Approaches for Business Owners Setting Up Employee Benefit Plans

If you're thinking about setting up a retirement plan for employees, the clock is ticking: Oct. 1 is the IRS deadline for when employers must set up a SIMPLE (Savings Incentive Match Plan for Employees). If you received a filing deadline extension for your 2007 returns then you have until Oct. 15 to set up a SEP (Simplified Employee Pension) in order to take a deduction for the 2007 tax year. Oct. 15 is also the date that 2007 contributions must be made to both plans for anyone who received a 2007 extension.

Confused about what all that means? Check out this Chicago Tribune article for a primer on different retirement plans for your staff. You might be surprised to learn why experts say a down market isn't a good excuse to avoid setting up or contributing to such plans.