Features and Benefits of SEP IRAs and SIMPLE IRAs

2 Credits: Taxes


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Features and Benefits of SEP IRAs and SIMPLE IRAs

Course Level
CPE Credits

2 Credits: Taxes

Course Description

For small business owners, planning for retirement can be a daunting task, especially without the structured retirement benefits that large corporations often provide. Many are deterred by the complexity of the governing rules for setting up retirement savings plans. This course offers a straightforward solution: beginning with IRA-based retirement plans such as SEP IRAs and SIMPLE IRAs. These plans provide a low-maintenance, cost-effective, and flexible approach to retirement planning, ideal for small businesses. The course will guide you through understanding the necessity of adopting retirement plans for both business owners and their employees. It will clarify the key features and benefits of SEP and SIMPLE IRAs, outline the criteria for employee coverage, and provide a step-by-step process for establishing these plans. Additionally, it will demystify the operational and administrative requirements, making the process of initiating a retirement savings plan less intimidating and more accessible for small business owners.

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Learning Objectives

Upon completing this course, participants will be able to:

  • Help small business owners understand why they need to adopt retirement plans for themselves and their employees;
  • Identify key features and benefits of SEP IRAs and SIMPLE IRAs;
  • Determine which employees must be covered under SEP IRAs and SIMPLE IRAs;
  • Determine the steps that businesses should take to establish SEP IRAs and SIMPLE IRAs; and
  • Explain the operational and administrative requirements for SEP IRAs and SIMPLE IRAs.
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Course Specifics

Course ID
Revision Date
October 20, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02136-22-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1825
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Denise Appleby is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA technical consultation, training and resources for financial, tax and legal professionals. Her primary focus is protecting retirement savings from costly mistakes. She has over 20 years of experience in the retirement plans field. Denise writes and publishes booklets and marketing tools for advisors. She has provided training to thousands of advisors about the rules and regulations, as well as compliance and operational requirements that apply to IRAs and retirement plans for small businesses. Denise co-authors books that include The Roth IRA Answer Book, The SEP, SIMPLE, …