Thank you for your help in advance.
I have a sole-proprietor attorney who has a couple of employees. He just operates under a DBA.
He does issue W2s for those employees. He currently has a SEP IRA.
Now, as those employees are soon to be eligible for the SEP IRA.
Following are some questions:
1. both employees were hired in 2018 working full-time. the group had 2-yr eligibility. Suppose those employees quit sometime during 2019, is the employer still responsible for making SEP contribution for the employees for 2019? they made more than $500 for those two different calendar years. The client will make his SEP contribution in 2020... how will that work?
2. Can a Sole-proprietor open up a SIMPLE IRA and make his/her EE contribution?