Originally published in Entrepreneur
By Bruce Willey
Like giving away equity, offering 401(k)s has somehow become a given, with many business owners feeling like it’s their only option for attracting and retaining top talent. The Department of Labor (DOL) apparently thinks so too. Its recent rule change makes it easier for small businesses to offer multiple-employer plans, or MEPs. But I always advise my clients, especially small-business owners, to question whether a 401(k) is their soundest option. That’s because the ugliest audit I’ve ever been through with any client was a 401(k) audit. Did you even know 401(k) plans could be audited?
There are alternatives that might be better not only for your employees, but for you as a small-business owner. Here’s why you should be thinking beyond the 401(k).
Read the full article at Entrepreneur.com
Bruce Willey has been working with small to midsize businesses across the country for more than a decade, helping them navigate business and tax law in a variety of situations. His services include assisting with business startups, operations, growth, asset protection, exit planning and estate planning.