EBRI Finds Small Businesses Don’t Know About Start-Up Credits
A survey by the Employee Benefit Retirement Institute (EBRI) suggests that most small businesses that lack a qualified plan do not add one because they believe such plans do not cover the expense of plan creation. The survey also found that small businesses lacking a plan are less likely to be aware of tax credits that could cover the cost of plan start-up. There are “still are not a lot of interactions between advisors and small businesses," said Craig Copeland, the director of wealth benefits research at EBRI. Many lack exposure and access to outside expertise from retirement advisors and other services and, as such, remain unaware of the assistance available to them.
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